For the quarter ended June 2024, Shopify (SHOP Quick QuoteSHOP - Free Report) reported revenue of $2.05 billion, up 20.7% over the same period last year. EPS came in at $0.26, compared to $0.14 in the year-ago quarter.

The reported revenue represents a surprise of +2.03% over the Zacks Consensus Estimate of $2 billion. With the consensus EPS estimate being $0.20, the EPS surprise was +30.00%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Shopify performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Gross Merchandise Volume (GMV)

  : $67.2 billion compared to the $65.55 billion average estimate based on 10 analysts.

• Monthly Recurring Revenue (MRR)

  : $169 million versus $155.95 million estimated by six analysts on average.

• Shopify Plus contributed

  : $52 million compared to the $49.01 million average estimate based on six analysts.

• Gross Payments Volume (GPV)

  : $41.1 billion versus the six-analyst average estimate of $39.88 billion.

• Revenues- Merchant solutions

  : $1.48 billion versus $1.47 billion estimated by 16 analysts on average. Compared to the year-ago quarter, this number represents a +18.6% change.

• Revenues- Subscription solutions

  : $563 million versus the 16-analyst average estimate of $533.71 million. The reported number represents a year-over-year change of +26.8%.

• Gross Profit- Merchant solutions

  : $579 million compared to the $587 million average estimate based on 11 analysts.

• Gross Profit- Subscription solutions

  : $466 million versus $436.62 million estimated by 11 analysts on average.

View all Key Company Metrics for Shopify here>>>

Shares of Shopify have returned -18% over the past month versus the Zacks S&P 500 composite's -5.9% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.