(NYSE: SHOP) stock has popped 26% since releasing its phenomenal second-quarter earnings results on Aug. 7, but it's still down over 50% in the past three years. There's been a lot going on at Shopify that's keeping investors on their toes. Let's see where the business is today and whether or not it's a good time to buy shares.

Let's take a step back and give the recent earnings report some context. Shopify, which offers white-label e-commerce services to business clients, has been a leader in website creation and e-commerce solutions for many years. It provides complete packages for any small business to get online and start selling quickly with design, payments, data analysis, and more. As the leader in this niche, its stock was already growing steadily before the pandemic, but as revenue surged with the onset of COVD-19, Shopify stock skyrocketed too.

The pandemic-fueled growth didn't last, but the company is still growing at a robust rate, and it came in ahead of guidance in the second quarter. Revenue increased 21% year over year. Gross merchandise volume (GMV), which is the volume of sales it processes through its client stores, increased 22%. That's a strong showing in a macroeconomic environment hampered by inflation and fears of a recession.

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Source Fool.com