Shopify (SHOP -0.05%) reported its second-quarter results before the market opened, and while expectations were already high, the surge in e-commerce sent the stock soaring to record heights. The company reported revenue that grew to $714.3 million, up a massive 97% year over year, as businesses scrambled to set up online shops as the pandemic continues. Shopify also generated non-GAAP (adjusted) earnings per share (EPS) of $1.05, up more than tenfold from the $0.10 it reported in the prior-year quarter. 

To put those numbers in perspective, analysts' consensus estimates had called for revenue of $510.8 million and EPS of $0.01. 

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Shopify reported robust results across a variety of metrics. New stores on the platform grew 71% sequentially during the second quarter, while gross merchandise volume (GMV) -- or the value of the merchandise sold on its platform -- grew 119%.

Merchant solutions revenue accelerated for the third successive quarter, up 148% year over year, while subscription solutions grew 28%. Monthly recurring revenue also ticked higher, up 21%, though its growth during the quarter was stunted by 90-day free trials, which have soared since the onset of the pandemic.

The results of the continuing lockdowns were also evident, as GMV from point-of-sale channels declined by 29% sequentially, as many of Shopify's retail merchants shuttered physical stores in April and May.

The trend toward online selling continues to gain steam, which bodes well for Shopify's continued success. The company reported that retail merchants grew online store GMV by 73% in Q2 2020 compared to Q1 2020. It wasn't just small sellers making the move to digital sales, as Shopify Plus -- the company's e-commerce solution for enterprise businesses -- added a record number of new merchants during the quarter.

Shopify revealed after the market close on Tuesday plans for a massive $7.5 billion capital raise.