Shopify on Wednesday reported fourth-quarter results that beat on the top line and gave strong guidance to start the year. The stock slid more than 3%.

Here’s how the company did, compared with estimates from analysts polled by LSEG:

• Earnings per share: 48 cents adjusted vs. 51 cents
• Revenue: $3.67 billion vs. $3.59 billion

The Canadian e-commerce company said it expects first-quarter revenue to expand at a “low-thirties percentage rate” year over year, which is higher than the 25.1% growth forecast by analysts, according to FactSet.

Shopify also said its board of directors approved $2 billion in share buybacks.

The company’s revenues were lifted by the key holiday shopping period, which saw “record” spending in 2025, according to Adobe Analytics. Online spending from Nov. 1 through Dec. 31 increased 6.8% to $257.8 billion, Adobe said, beating its forecast of $253.4 billion.

Shoppers remained resilient during the holiday shopping season despite a dour economic backdrop dominated by weakening consumer confidence, President Donald Trump’s sweeping tariff policies and a slowing job market.

The Commerce Department reported Tuesday that retail sales in December were flat after increasing 0.6% in November, capping off the year on a downbeat note after a period of otherwise solid shopping activity.

Shopify’s gross merchandise volume, or the total volume of merchandise sold on the platform, came in higher than expected. GMV surged 29% year over year to $123.8 billion, surpassing analysts’ estimated $121.3 billion, according to FactSet.