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When Shopify Inc. (NYSE: SHOP) reported its fourth-quarter financial result before the markets opened on Tuesday, the firm that said that it had $0.26 in earnings per share (EPS) and $343.9 million in revenue. That compares with consensus estimates of $0.20 in EPS and $327.63 million in revenue, as well as the $0.15 per share and $222.81 million posted in the same period of last year.

During the latest quarter, Subscription Solutions revenue grew 42% to $133.6 million. This increase was driven primarily by growth in monthly recurring revenue, driven primarily by an increase in the number of merchants joining the Shopify platform.

At the same time, Merchant Solutions revenue grew 63%, to $210.3 million, driven primarily by the growth of gross merchandise volume, as well as by strong growth in Shopify Capital and Shopify Shipping.

Despite these positive results, the firm expects to see revenue in the range of $305 million to $310 million with an operating loss of $13 million to $15 million for the first quarter. Consensus estimates are calling for $0.10 in EPS and $308 million in revenue.

Tobi Lütke, Shopify’s CEO, commented:

We made history in 2018: no other SaaS company has crossed the $1 billion-dollar revenue mark at a faster growth rate than Shopify has. This milestone is significant due to the backdrop: Shopify allows people to partake in the entrepreneurial world who would otherwise not be able to do so. We have been focused on growing this market for the past 12 years even though a lot of people told us that this isn’t a valuable business model. We let the results speak for themselves.

Shares of Shopify were last seen down about 2% at $169.68, in a 52-week range of $112.50 to $180.00. The consensus price target is $163.31.