Shopify Inc. (NYSE: SHOP) reported its fourth quarter and full year financial results for fiscal year 2017. The Canadian eCommerce topped analysts’ estimates in both revenue and earnings, but share were down 3.5 percent on the New York exchange on Thursday.

For the fourth quarter, Shopify reported net revenue of $222.8 million, increasing 71 percent year over year,  and analysts’ estimates of $209.3 million. The company reported an EPS of $0.15 and beat analysts’ estimates of $0.05.

Subscription solutions revenue grew 67 percent to $93.9 million, driven by the strong growth in monthly recurring revenue (MRR), which increased 62 percent to $29.9 million. Shopify Plus contributed to 21 percent or $6.3 million of MRR, increasing 17 percent year over year. Merchant solutions revenue grew 74 percent to $128.9 million.

Gross merchandise volume (GMV) for the quarter grew 65 percent to $9.1 billion, as gross payments volume (GPV) increased 39 percent year over year to $3.5 billion.

Shopify said it achieved its biggest holiday season yet, especially during Black Friday and Cyber Monday which totaled $1 billion of GMV. Majority of purchases from merchants’ stores came from mobile devices in the quarter, accounting for 73 percent of traffic and 61 percent of orders.

“Our leadership role in commerce, together with the scale we have achieved, position us well to invest in our next phase of growth: one marked by expansion of our capabilities upmarket and down, in retail, in our ecosystem, and internationally.” said Russ Jones, Shopify’s CFO.

For the full year in 2017, Shopify reported revenue of $673.3 million, increasing 73 percent year over year. GMV for 2017 was $26.3 billion, increasing 71 percent year over year as GPV grew 38 percent year over year.

The growth rate over the past year has shown a decline in both GMV and GPV has slowed down, meaning that new merchants and consumers are joining. Shopify plans to expand its services globally, focusing mainly on Japan, Singapore, France and Germany in order to gain new users.

The eCommerce giant will handle online sales for Canadian province Ontario’s cannabis market in a partnership with Ontario Cannabis Retail Corp when the drug becomes legal for recreational uses later this year.

For the first quarter of 2018, Shopify forecasts revenue in the range of $198 million to $202 million. As for the full year, the company estimates revenue in the range of $970 million to $990 million.