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Shopify Inc. (NYSE: SHOP) released its second-quarter financial results before the markets opened on Thursday. The firm said that it had $0.14 in earnings per share (EPS) and $362.0 million in revenue, which topped consensus estimates of $0.03 in EPS and $350.46 million in revenue. In the same period of last year, it said it had EPS of $0.02 on $244.96 million in revenue.

Subscription Solutions revenue grew 38% to $153.0 million in the latest period. This increase was driven primarily by growth in monthly recurring revenue, largely due to an increase in the number of merchants joining the Shopify platform.

Separately, Merchant Solutions revenue grew 56%, to $208.9 million, driven primarily by the growth of gross merchandise volume.

At the end of the quarter, monthly recurring revenue increased 34% year over year to $47.1 million and growth of gross merchandise volume increased 51% to $13.8 billion.

Looking ahead to the third quarter, the company expects to see revenue between $377 million and $382 million and adjusted operating income in the range of flat to $3 million. Consensus estimates call for $0.10 in EPS and $373.99 million in revenue for the quarter.

Amy Shapero, Shopify’s chief financial officer, commented:

Our strong performance in the second quarter reflects the success of our ongoing activities and investments to help merchants start selling, sell more, and sell globally. The appeal of entrepreneurship is universal, which is why more entrepreneurs everywhere are attracted to Shopify. Our powerful yet easy-to-use retail operating system helps level the playing field, providing expansive opportunities for our merchants and Shopify around the world.

Shares of Shopify closed Wednesday at $317.88, in a 52-week range of $117.64 to $340.84. The consensus price target is $322.33. Following the announcement, the stock was up over 4% at $332.00 in early trading indications Thursday.

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