The stock of Shopify (SHOP) is up 20% after the Canadian e-commerce company reported second-quarter financial results that beat Wall Street forecasts across the board.

Ottawa-based Shopify announced earnings per share (EPS) of $0.42 U.S., which beat the consensus expectation among analysts of $0.40 U.S.

Revenue in the period totaled $3.58 billion U.S., which was ahead of the $3.45 billion U.S. that had been forecast among Wall Street firms. Sales wee up 34% from a year earlier.

Gross merchandise volume, which captures the full dollar value of transactions processed through the platform, climbed 32% year-over-year to $115.57 billion U.S. for the quarter.

Gross profit reached $1.71 billion U.S., up 31% from the same period a year earlier. And free cash flow came in at $654 million U.S., representing an 18% margin.

Management said the integration of artificial intelligence (A.I.) is drawing more merchants to its e-commerce services and driving greater demand.

In terms of guidance, Shopify said that it expects revenue to grow at a low-thirties percentage range in the current third quarter, compared with analysts’ average estimate for 26.3% growth.

Shopify also forecast third-quarter gross profit growth at a mid-to-high twenties percentage rate, above analyst expectations of 24.1% growth.

“This was a monster quarter,” said Shopify President Harley Finkelstein in the company’s earnings statement.

Prior to today (Aug. 5), SHOP stock had declined 22% this year largely due to worries that A.I. would disrupt the company’s software and e-commerce platform.

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