On Thursday, Shopify (NYSE:SHOP) shares were up 17 per cent after the company reported third-quarter earnings before the open, topping earnings and revenue expectations.

The e-commerce business reported a loss per share of USD 0.02, USD 0.05, better than the analyst estimate of a loss per share of USD 0.07. Revenue, negatively impacted by US dollar strength, came in at USD 1.4 billion versus the consensus estimate of USD 1.34 billion. The group’s subscription solutions revenue was USD 376.3 million, representing a 12 per cent rise.

Shopify’s gross merchandise volume (GMV) rose 11 per cent to USD 46.2 billion, while gross payments volume (GPV) grew to USD 25 billion. The company said GPV continued to benefit from the robust performance by merchants on Shopify Payments, of which an increasing percentage is Shopify Plus GMV.

Shopify’s President Harley Finkelstein said that the company’s merchant solutions revenue as a percentage of GMV (gross merchandise volume) climbed to 2.14 per cent, the highest level in Shopify’s history. He further said that, in Q3, the company delivered another solid quarter of GMV, revenue, gross profit dollar growth, and revenue against the high inflationary environment.

Looking ahead, Shopify sees operating expense growth year-over-year in Q4, sequentially decelerating from Q3.