Shopify Inc. (NYSE: SHOP) reported its most recent quarterly results before the opening bell on Wednesday. The up-and-coming e-commerce company posted $2.01 in earnings per share (EPS) and $988.6 million in revenue, which was better than consensus estimates that called for $0.73 in EPS and revenue of $865.48 million. The first quarter of last year reportedly had $0.19 in EPS on $470 million in revenue.

During the latest quarter, Subscription Solutions revenue grew 71% to $320.7 million. This increase was driven primarily by an increase in the number of merchants joining the Shopify platform.

Merchant Solutions revenue grew 137%, to $668.0 million, driven primarily by the growth of gross merchandise volume (GMV).

As of March 31, monthly recurring revenue (MRR) increased 62% year over year to $89.9 million, up from $55.4 million at the end of March 2020. Shopify Plus contributed $23.1 million, or 26%, of MRR.

GMV for the first quarter was $37.3 billion, an increase of $19.9 billion, or 114%, over the first quarter of 2020. Gross payments volume grew to $17.3 billion, which accounted for 46% of GMV processed in the quarter, versus $7.3 billion, or 42%, for the first quarter of 2020.

Cash, cash equivalents and marketable securities totaled $7.87 billion at the end of the quarter, up from $6.39 billion at the end of the previous fiscal year.

Shopify did not get into the specifics of guidance for the second quarter. However, consensus estimates call for $0.83 in EPS on $949.78 million in revenue.

Shopify stock traded up about 4% on Wednesday, at $1,201.24 in a 52-week range of $595.03 to $1,499.75. The consensus price target is $1,441.21.

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