Investing.com -- Shopify topped first-quarter revenue estimates on Tuesday and provided an outlook for the current quarter, sending its shares tumbling about 6% in premarket trading.

Revenue for the quarter came in at $3.17 billion, ahead of the consensus estimate of $3.09 billion. Gross merchandise volume (GMV) reached $100.74 billion, up from $74.75 billion a year earlier. Monthly recurring revenue (MRR) rose to $212 million from $182 million in the prior year period.

"Shopify has entered the AI era with a clear edge: strong, durable growth and two decades of commerce intelligence. That puts us in a category of one, and we’re about to see that advantage compound throughout 2026," said Harley Finkelstein, President of Shopify.

Operating income more than doubled to $382 million from $203 million a year ago.

For the second quarter, Shopify guided for revenue growth in the high-twenties percentage range year-over-year, with gross profit dollars growing at a mid-twenties rate.

The company also said it expects operating expenses as a percentage of revenue of 35% to 36%, stock-based compensation of $145 million, and free cash flow margin in the mid-teens.