Can the Momentum Continue for Shopify Inc.?

After the company's most recent impressive earnings beat on Tuesday, investors in Ottawa-based Shopify Inc. (TSX:SHOP)(NYSE:SHOP) have regained interest in this amazing growth story, driving the share price of Shopify more than 10% higher in morning trading.

The most recent quarter saw the company post numbers that beat even the most bullish expectations for top- and bottom-line growth. On the revenue side, the company exceeded analyst expectations by more than 5%, with revenue coming in at $151 million, representing a year-over-year top line increase of 75%. The company's net loss also decreased to $2.9 million for the quarter, far less than analyst expectations of a loss ranging between $6-$8 million.

These results have essentially pushed the consensus growth timeline expectations up, something investors have cheered, inviting renewed interest (and scrutiny) from market participants across the board. With current valuation multiples in the stratosphere, questions abound as to how high Shopify shares will be able to climb long-term, given the fact that the company has now passed the $10-billion U.S. valuation mark, marking Shopify's ascent to an elite group of technology firms earmarked by only the most innovative and life-changing firms.

While I have suggested caution for investors considering purchasing shares of Shopify for some time now, this most recent earning beat only adds fuel to the fire that continues to drive the company's share price higher. While the momentum is likely to continue in the near-term, I would invite investors to closely analyze the fundamentals of Shopify before making any investment decisions.

Invest wisely, my friends.