Shares of Shopify (SHOP -0.64%) jumped 18.9% last month, according to data provided by S&P Global Market Intelligence, after the software company reported a strong first quarter. May was the fifth consecutive month of double-digit percentage share-price gains for the company.

Man using tablet to buy something online.

Image source: Getty Images.

So what

In Q1, Shopify increased its revenue by 75% year over year, to $127.4 million, and increased its subscription solutions revenue by 60%, to $62.1 million. The company's merchant solutions revenue also popped by 92% year over year, and gross profit jumped 80% to $72.2 million.  

"With our excellent start to the year, it is clear we are becoming the de facto platform for sellers," CFO Russ Jones said in a press release. Jones' optimism was partially fueled by the rapid growth of Shopify merchant customer client base. The company had 275,000 merchant customers in Q1 2016, but that skyrocketed to 400,000 in the Q1 2017. 

Now what

Shopify expects revenue in the range of $142 million to $144 million in Q2, and a GAAP operating loss between $18 million to $20 million. It also projected full-year revenue $615 million to $630 million with aa GAAP operating loss of $69 million to $73 million. 

But Shopify investors are likely focusing on the company's current growth and not necessarily its profitability right now. That growth makes it a solid internet retail stock for 2017, and is one reason why it's earned a coveted recommendation spot on several premium Motley Fool services. 

Shopify's share price has slid about 6% so far in June, but long-term investors should remain optimistic that the company's current revenue trajectory -- and its total lack of debt -- will keep this company moving in the right direction.