(NYSE: SHOP) stock set the market on fire this year, with terrific gains of 82% so far, and a nice chunk of that jump came after the e-commerce platform provider released its first-quarter 2023 results on May 4.

Share prices of the company surged over 25% in a single session as its revenue and earnings blew past Wall Street's expectations. Shopify's revenue increased 25% over the prior-year period to $1.5 billion, beating the consensus estimate of $1.4 billion. It also posted adjusted earnings of $0.01 per share for the quarter, surprising analysts who would have settled for a loss of $0.04 per share. The bottom-line performance also showed remarkable improvement over the year-ago period when Shopify posted a net loss of $1.17 per share.

More importantly, Shopify's outlook suggests its momentum is here to stay. Let's look at the reasons investors who haven't bought this hot e-commerce stock yet should consider doing so before it flies higher.

Continue reading

Source Fool.com