Shopify (NYSE:SHOP) is poised to unveil its fourth-quarter 2023 earnings on February 13, expected to showcase the benefits of its expanding merchant network.

The company’s accelerated adoption of products such as Shop Pay, Shop Pay Installments, Shopify Markets Pro, Shopify POS, and Shopify Balance likely contributed to its top-line growth in the last quarter.

Strategic integrations have played a significant role in bolstering Shopify’s performance. With a focus on expanding its merchant base, Shopify aims to provide seamless, secure, and efficient checkout experiences, supported by over 400 checkout apps in its App Store.

The growing adoption of Shopify Pay, serving over 100 million buyers, has been a key driver. The introduction of Shopify Markets Pro in the third quarter is expected to further enhance Gross Merchandise Volume (GMV) in the fourth quarter.

In the third quarter of 2023, GMV surged by 22% year over year, reaching $56.2 billion, while gross payment volume (GPV) hit $32.8 million, accounting for 58% of GMV. This positive trend is likely to have persisted in the fourth quarter.

Analysts anticipate GMV to reach $71 billion, reflecting a 16.4% year-over-year increase, while GPV is estimated at $41.58 billion.

According to the Consensus Estimate, fourth-quarter earnings are expected to remain steady at 31 cents per share, unchanged over the past 30 days, compared to 7 cents per share reported in the year-ago quarter.

Shopify forecasts revenue growth in the high teens for the fourth quarter of 2023. Adjusting for a 400-500 bps headwind related to the divestiture of its logistics business, revenues are projected to grow in the low-to-mid-twenties year over year.

The consensus estimate for fourth-quarter revenues stands at $2.07 billion, indicating a growth of 19.21% from the figure reported in the year-ago quarter.