Shopify (SHOP.TO)(SHOP) shares skyrocketed as much as 24 per cent in early trading on Tuesday, after the company reported earnings that surpassed expectations and forecast stronger growth for the fourth quarter.

The Canadian e-commerce software company, which reports its financial results in U.S. dollars, saw total sales jump 26 per cent in the third quarter to $2.16 billion. Analysts were expecting revenue to reach $2.11 billion in the quarter, according to RBC Capital Markets. The sales growth marks the sixth consecutive quarter where growth in revenue excluding logistics surpassed 25 per cent, Shopify says.

The company adds that it expects sales in the fourth quarter, which includes the holiday shopping period, to grow between mid-to-high twenties percentage rate compared to last year. That’s above the 23 per cent growth that analysts were expecting.

Shares of Shopify were trading at $152.85 on the Toronto Stock Exchange as at 9:45 a.m. ET, an increase of 22 per cent compared to Monday’s close.

More to come.

Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.

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