Shopify (TSX:SHOP)(NYSE:SHOP) stock was up 7.98% in early afternoon trading on April 30. The company released its first-quarter results for 2019 before markets opened on the same day. Shopify has been an absolute beast in the tech sector this year. Shares have climbed 60% in 2019 alone and the stock is up 88% from the prior year.
Shopify reported total revenue of $320.5 million in the first quarter, which was up 50% from the prior year. Monthly recurring revenue (MRR) rose 36% to $44.2 million with Shopify Plus contributing 26% of MRR. The company’s Gross Merchandise Volume (GMV) rose 50% year-over-year to $11.9 billion with Gross Payments Volume accounting for 41% of GMV processed in Q1 2019. Shopify is projecting annual revenues in 2019 between $1.48 billion and $1.50 billion.
The company also announced the launch of Shopify Studios. It will exist as a full-service media production and development division. The studio plans to leverage strategic partnerships to push forward projects that highlight entrepreneurship. This will air on streaming platforms and traditional networks.
Shopify soared to a new all-time high of $332.76 after releasing its earnings. The stock marginally retreated as of this writing. Shopify has now soared over $150 in value since slumping in late December, along with the broader market. Its 2019 forecasts are bright, and it is very hard to bet against the emerging e-commerce star right now. Shares have now entered technically oversold territory once again, but growth investors can be forgiven for electing to enjoy the ride in May and beyond.
