Just caught Shopify (TSE:SHOP) absolutely crushing it this morning - up 22% after dropping an earnings report that basically did the opposite of what everyone was worried about. The numbers? They posted $0.26 per share when analysts were looking for $0.20, and revenue came in at $2.05 billion versus the expected $2.01 billion. Pretty solid beat on both fronts.

What really caught my eye was Shop Week back in June. Over 10,000 of their merchants apparently had their best week ever in terms of gross merchandise volume (GMV). The cross-border sales piece is interesting too - ended up being about 14% of total GMV, which shows merchants are actually hungry to reach global markets. That's the kind of thing that suggests their platform is becoming more valuable, not less.

Here's the thing though - everyone's been saying consumer spending is getting tighter with inflation and all that. You'd think Shopify would feel that squeeze pretty hard, right? But Citi's analysts are saying TSE:SHOP actually showed more resilience compared to peers in Q2. They're expecting growth in the low-to-mid 20s for Q3, which is pretty encouraging if it holds up.

Wall Street's sitting on a Moderate Buy consensus for TSE:SHOP with 18 buys and 14 holds over the past few months. The stock's already rallied about 21% over the past year, but analysts are still seeing around 14% upside to their C$104.31 price target. So the market seems to think there's still room to run here.