Investors were thrilled to hear that Shopify (SHOP 0.57%) is shaking up its business. The stock surged in the wake of its early May earnings announcement, which contained news of solid demand trends and a strategic shift.

Most Wall Street pros were focused on Shopify's decision to exit the logistics business in a move that will likely accelerate its return to profitability. But there are other attractive aspects to this growth stock that are less covered in the financial media. Let's take a look at a few standouts.

1. Excellent growth prospects

The main factor dragging Shopify's stock down since early 2022 has been slowing revenue growth. Sales volumes rose by 18% in the most recent quarter, compared to a 31% spike in late 2021.

But this deceleration doesn't threaten the company's bright long-term growth outlook. Shopify gained market share in Q1, adding to its roughly-10% hold on the e-commerce industry in the U.S. Executives hope to build on that impressive share over time through a mix of rising sales at existing stores and a growing base of merchants. Both of these metrics are headed in the right direction today.

2. Proof of value

A little-known but critical metric that reflects Shopify's value proposition is what management calls the "attach rate." This figure is calculated by dividing total revenue by sales volumes; a rising rate means that merchants are spending more on the platform for the same amount of volume. In other words, they are depending on Shopify to handle more aspects of their businesses.

Shopify's attach rate just rose to 3% from 2.8% a year ago, setting a record for the business in early 2023. "Merchants continue to buy more and more solutions from us," CFO Jeff Hoffmeister said in a conference call, "which speaks to both attraction of new products and the trust that merchants put in us."

3. More services to come

Exiting the logistics business will shrink Shopify's portfolio of services. In a letter to employees, CEO Tobias Lütke said the company's headcount is declining by about 20% from this restructuring move.

But Shopify's long-term growth thesis relies on a steadily expanding portfolio of services. Popular recent additions here include its point-of-sale tech, payments processing, and an AI-powered shopping assistant. Management says it is still the early innings of AI's impact across the selling platform, so investors can look for many more integrations over time.

The missing piece

Shopify is still losing money, and free cash flow remains negative. And the company is planning to take a nearly $1.5 billion impairment charge in Q2 related to its restructuring. The cost-saving impact from the move won't start showing up until the second half of 2023, executives say.

Investors might want to watch the next few earnings reports for signs that Shopify is ready to return to profitability and positive cash flow. This rebound would be delayed by a recession, of course, if one develops in late 2023. But its results through March suggest that it's only a matter of time before the business starts setting new earnings records, which is great news for shareholders.