Very strong quarter.

Shopify Inc. continues to outperform market expectations, exceeding analyst forecasts for revenue and operating profit for its fourth quarter and introducing targets for 2017 well ahead of analyst targets.

The Ottawa company, which provides a cloud-based software platform used by retailers to manage their e-commerce and bricks and mortar businesses online, said Wednesday it booked revenue of $130.4-million (U.S.) in the fourth quarter, an increase of 86 per cent over the same period a year earlier. Analysts had on average forecast revenue of $121.7-million in the period, while the company itself had guided the Street to a range of $120-million to $122-million.

The company also posted an operating loss of $9.3-million, up from $6.5-million in the fourth quarter of 2015. But analysts were watching for the company’s adjusted operating loss, which amounted to $0.8-million, less than half the loss analysts were expecting. The company posted a net loss of $8.9-million, or 10 cents per share in the quarter.

The results reflect Shopify’s busiest time of year, capturing sales through its platform from the U.S. Thanksgiving and Christmas shopping seasons. The company said gross merchandise value purchased through its merchants’ stores during the Black Friday through Cyber Monday period more than doubled the previous year’s activity.