Shopify Inc. (NYSE: SHOP) reported its most recent quarterly results before the opening bell on Wednesday. The up-and-coming e-commerce company posted $1.13 in earnings per share (EPS) and $767.4 million in revenue, better than consensus estimates that called for $0.53 in EPS and revenue of $663.4 million. The third quarter of last year reportedly had a net loss of $0.29 per share on $390.55 million in revenue.

During the latest quarter, Subscription Solutions revenue grew 48% to $245.3 million. This increase was driven primarily by an increase in the number of merchants joining the Shopify platform.

Merchant Solutions revenue grew 148%, to $517.9 million, driven primarily by the growth of gross merchandise volume (GMV).

As of September 30, monthly recurring revenue (MRR) increased 47% year over year to $74.4 million, up from $50.7 million at the end of September 2019. Shopify Plus contributed $18.7 million, or 25%, of MRR.

GMV for the third quarter was $30.9 billion, an increase of $16.1 billion, or 109%, over the third quarter of 2019. Gross payments volume grew to $14.0 billion, which accounted for 45% of GMV processed in the quarter, versus $6.2 billion, or 42%, for the third quarter of 2019.

Cash, cash equivalents and marketable securities totaled $6.12 billion at the end of the quarter, up from $2.46 billion at the end of the previous fiscal year.

Shopify did not provide any guidance for the fourth quarter. However, the company did note that the COVID-19 pandemic has accelerated the growth of e-commerce, shifting a larger share of retail spending to online commerce. Analysts are calling for $0.71 in EPS and $788.99 million in revenue for the quarter.

Shopify stock traded down 2.1% to $1,005.26 early Thursday, in a 52-week range of $282.08 to $1,146.91. The consensus price target is $1,113.68.

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