Shopify Inc. (SHOP) shares rose nearly 8% during Wednesday’s session after fourth quarter earnings surpassed even the highest analyst estimates. Revenue rose 46.9% to $505.16 million, beating consensus estimates by $23.08 million, and non-GAAP earnings per share reached 43 cents, beating consensus estimates by 19 cents. Gross merchandise volume rose 47% to $20.6 billion versus a $20.3 billion consensus, subscription revenue reached $183 million, and merchant revenue hit $322 million.

Looking ahead, the company expects first quarter revenue of $440 million to $446 million versus a $444 million consensus and full-year revenue of between $2.13 billion and $2.16 billion compared to a $2.12 billion consensus.

Analysts had a mixed response to the strong fourth quarter results. Baird raised its price

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