Shares of e-commerce software-as-a-service platform Shopify (NYSE:SHOP) rose sharply on Tuesday. The stock gained as much as 9.8% but was up about 8% as of 1 p.m. EDT.
Bullishness toward the stock follows the company's better-than-expected first-quarter results, which were released Tuesday before market open. The company crushed analyst estimates and boosted its full-year outlook.
Shopify posted first-quarter revenue of $320.5 million, up 50% from the year-ago quarter. Non-GAAP earnings per share came in at $0.09, up from $0.04 in the year-ago quarter.
On average, analysts were expecting revenue of $310 million and a non-GAAP loss per share of $0.05.
"We're off to an incredible start this year, as more merchants around the globe choose Shopify to start, grow, and manage their businesses," said Shopify CFO Amy Shapero in the company's first-quarter earnings release.
Shopify raised its full-year outlook for revenue and adjusted operating income. Previously, management expected 2019 revenue between $1.46 billion and $1.48 billion, and adjusted operating income between $10 million and $20 million. Now management is guiding for revenue of $1.48 billion to $1.5 billion and adjusted operating income of $20 million to $30 million.
For its second quarter of 2019, Shopify guided for revenue of $345 million to $350 million. On average, analysts were expecting second-quarter revenue of about $342 million.