Shopify (NYSE:SHOP) stock was down on Tuesday after the release of its earnings report for the second quarter of 2018.

Shopify’s guidance for the third quarter of the year isn’t as strong as some investors were hoping it would be. The company says it is expecting revenue to range from $253 million to $257 million. Revenue reported by the e-commerce company in the third quarter of 2017 was $171.50 million. Wall Street is looking for revenue of $252.94 million for the quarter.

When it comes to the full year of 2018, Shopify is expecting revenue to come in between $1.015 billion to $1.025 billion. In comparison, analysts are looking for revenue of $1.02 billion for the full year of 2018.

“When you look at full-year guidance, it was a very, very small raise. When you’re trading at this high of a multiple, you can’t have a small raise,” Ross MacMillan, an analyst at RBC Markets, told CNBC.

The drop to SHOP stock comes during what was otherwise a solid quarter for the company. It reported earnings per share of 2 cents during the quarter. This is up from its losses per share of one penny from the same period of the year prior. It also beat out Wall Street’s losses per share estimate of 3 cents for the quarter.

Revenue reported by Shopify for the second quarter of the year came in at $244.96 million. The company’s revenue from the second quarter of 2017 was $151.66 million. Analysts were expecting SHOP to report revenue of $234.64 million during the period.

SHOP stock was down 4% as of noon Tuesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.