What happened 

E-commerce platform Shopify (NYSE:SHOP) outpaced the market last month by rising 13% compared to a 0.4% increase in the S&P 500, according to data provided by S&P Global Market Intelligence.

^SPX Chart

^SPX data by YCharts.

The rally contributed to solid gains for shareholders, who've seen their stock gain over 50% so far in 2018. 

So what

Shopify didn't announce any operating news last month, but the stock still attracted unusually high levels of demand from investors. Shares jumped 10% over a few consecutive trading days in mid-September, with support from an investment firm stock upgrade. An analyst at Wedbush said he sees the e-commerce platform growing well beyond its current customer base even as newer offerings, like an Instagram integration, widen its appeal to more merchants.

A woman at work at a computer.

Image source: Getty Images.

Now what

Shopify executives said in late July that they expect third-quarter growth rates to slow to around 50% from the 62% spike the company logged in the second quarter. For the full year, Shopify predicts cracking $1 billion of annual revenue while generating an operating loss of between $105 million and $110 million.

Investors are hoping key growth metrics, including merchandise volume and recurring subscription revenue, keep climbing at rates that show Shopify is soaking up market share in a quickly growing industry.

Demitrios Kalogeropoulos has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Shopify. The Motley Fool has a disclosure policy.