The Globe and Mail reports in its Wednesday edition that Shopify has approved an additional $3-billion for a share buyback program, bringing its total repurchase authorization to $5-billion (all figures U.S.). The Globe's Irene Galea writes that the e-commerce giant approved a first set of buybacks in February. Shopify's share price was down 5.7 per cent at the close of trading Tuesday on the Toronto Stock Exchange, and is off 26.7 per cent from the beginning of the year. "Today's announcement shows our confidence in the durability of our business and the opportunity ahead," Jeff Hoffmeister, Shopify's chief financial officer, said in a release Tuesday. "Consistent operating cash flow, a balance sheet built for the long-term, and strong results quarter after quarter -- these give us the ability to prioritize building products that drive merchant success while also returning capital to shareholders, especially during periods of market volatility." The company said that as of June 1, it had repurchased $1.45-billion under its current authorization. In a statement, Shopify said it will continue to execute the program using prearranged algorithmic trading instructions, with no set quarterly or annual minimums.