Shares were trading up 8.1% to $244 on the New York Stock Exchange following news that adjusted earnings per share more than doubled year over year.
Adjusted earnings per share rose to 9 cents on first-quarter net income of $10.3 million. That's more than double the numbers for the same time last year when earnings per share hit 4 cents on net income of $4.2 million.
The Canadian e-commerce company also saw total quarterly revenue increase by half to $320.5 million. Much of that revenue growth was fueled by Shopify's subscription business, which saw revenue rise 40% to $140.5 million as more merchants joined the company's e-commerce services.
"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 Amy Shapero, Shopify's chief financial officer, in a statement. She also touted the company's investment in its sales platform and the expansion of its products to make "commerce easier, more accessible, and better."
Adjusted operating loss for the first quarter, however, was 0.4% of revenue, or $1.4 million, wider than the operating loss for the first quarter of 2018 that was 0.1% of revenue, or $200,000. Without adjustments, the losses were far deeper at nearly $36 million -- about 11% of revenue.
For the next quarter, Shopify predicted revenue of $345 million to $350 million, and adjusted operating loss of $6 million to $8 million, which would exclude stock-based compensation expenses and related payroll taxes of $40 million.
For all of 2019, the company forecasts revenue of up to $1.5 billion and adjusted operating income of of $20 to $30 million, which would exclude stock-based compensation expenses and related payroll taxes of $160 million.