Shopify Inc. (NYSE: SHOP) reported its first quarter financial results and topped analysts’ estimates in both earnings and revenue, but shares slipped after continued net loss. Shopify shares were down 4.5 percent during Tuesday’s pre-market hours.

For the first quarter, Shopify reported revenue of $214.3 million, increasing 68 percent year over year and topping analysts’ estimates of $202.17 million. The online retailer reported an adjusted EPS of $0.04, topping analysts’ estimates of an EPS loss of $0.05.

Subscription solutions revenue for the quarter grew 61 percent to $100.2 million, driven by the growth in Shopify’s monthly recurring revenue (MRR), which was driven by the increasing number of merchants. MRR was $32.5 million, increasing 57 percent year over year. Shopify Plus drove in $7 million or 22 percent of MRR.

Merchant solutions revenue grew 75 percent to $114.1 million, driven by the growth of gross merchandise volume. GMV for the quarter was $8 billion, increasing 64 percent year over year. Gross payments volume increased to $3 billion, accounting for 38 percent of GMV.

Shares slipped after Shopify reported a net loss of $15.9 million for the quarter, increasing $13.5 million the same quarter last year. The increasing net loss concerns as investors as the Canadian e-Commerce platform continues to struggle report profit.

For 2018, Shopify forecasts revenue in the range of $1 billion to $1.01 billion. On a GAAP basis, the company expects operating losses in the range of $105 million to $110 million. On an adjusted basis, the company projects operating profit in the range of $0 million to $5 million.

Shopify shares are up 26.24 percent this year.