Shopify stock rises on sale of logistics business to Flexport

Shares of e-commerce platform Shopify trend higher amid its plans to sell its logistics segment to Flexport. Yahoo Finance Live takes a quick look at the stock.

Video Transcript

RACHELLE AKUFFO: All right. Taking a look at Shopify stock popping today on news of the sale of its logistics business to Flexport has been completed. As part of the sale, Shopify gets stock representing 13% equity interest in Flexport, which adds to the partnership the two companies created when Shopify invested in Flexport's series E round in February of 2022.

Now, Shopify stock has been booming year-to-date, up almost 80%, just above 80% as the company has cut jobs and focused on its main quest of providing e-commerce software to businesses. So doing some growth there today.