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Shopify Inc. (NYSE: SHOP) released its most recent quarterly report before the markets opened on Thursday. The company said that it had a net loss of $0.03 per share on $222.8 million in revenue, compared with consensus estimates that called for earnings of $0.05 per share $209.28 million in revenue. The same period of last year reportedly had no earnings and revenue of $130.38 million.

During this quarter, Subscription Solutions revenue grew 67% to $93.9 million, driven by rapid growth in monthly recurring revenue (MRR). Merchant Solutions revenue grew 74% to $128.9 million, driven primarily by the growth of gross merchandise volume (GMV).

Specifically, MRR at the end of the quarter was $29.9 million, up 62% compared with $18.5 million a year ago. Shopify Plus contributed $6.3 million, or 21%, of MRR, compared with 17% of MRR last year.

GMV for the fourth quarter was $9.1 billion, an increase of $3.6 billion, or 65%. Gross payments volume grew to $3.5 billion, which accounted for 39% of GMV processed in the quarter, versus $2.2 billion, or 39%, for the fourth quarter of 2016.

Looking ahead to the first quarter, the company expects to see an operating loss in the range of $6 million to $8 million with revenues between $198 million and $202 million. The consensus estimates call for a net loss of $0.01 per share on $195.11 million in revenue for the quarter.

Russ Jones, Shopify’s chief financial officer, commented:

That our merchants sold more in the fourth quarter than in all of 2015, achieving one billion dollars of this in just four days, speaks to how far we have come in the past few years. Our leadership role in commerce, together with the scale we have achieved, position us well to invest in our next phase of growth: one marked by expansion of our capabilities upmarket and down, in retail, in our ecosystem, and internationally.

Shares of Shopify traded down about 1.9% at $135.17 early Thursday, with a consensus analyst price target of $122.12 and a 52-week range of $58.63 to $138.16.