The Canadian technology company, which offers tools and services for businesses to set up their online stores, said revenue rose 26% to $1.7 billion for the fourth quarter, compared with analysts' average estimate of $1.64 billion, according to Refinitiv data.

The e-commerce company, which traditionally catered to small businesses, has been focusing on adding big brands to its clients list as they look to sell directly to consumers and use some of Shopify's website creation and payment tools to set up their stores.

Gross merchandise volume, which measures total transactions, rose 13% to $61 billion for Shopify in the fourth quarter. Analysts had forecast $58.61 billion, according to Refinitiv data.

Net loss stood at $602.2 million, or 49 cents per share, compared with a loss of $371.4 million, or 30 cents per share, a year earlier.