Shopify earnings for the fourth quarter of 2018 are out and SHOP stock is down despite it beating estimates.

Shopify (NYSE:SHOP) reports that earnings per share for the fourth quarter of the year were 26 cents. This is an increase over its earnings per share of 15 cents from the same time last year. It also beat out Wall Street’s earnings per share estimate of 20 cents for the quarter, but that was unable to keep SHOP stock from falling today.

The Shopify earnings report for the fourth quarter of 2018 also includes a net loss of $1.51 million. This isn’t as bad as the company’s net loss of $2.99 million reported in the fourth quarter of 2017.

Operating loss reported by Shopify for the fourth quarter of the year was $9.46 million. The online shopping company reported an operating loss of $6.11 million during the same period of the year prior.

The most recent Shopify earnings release also has the company reporting revenue of $343.86 million. This is better than the company’s revenue of $222.81 million reported in the fourth quarter of the previous year. It also comes above analysts’ revenue estimate of $327.63 million for the period, but SHOP stock is still down on Tuesday.

The earnings report from Shopify also includes its outlook for the full year of 2019. This guidance has the company expecting revenue between $1.46 billion and $1.48 billion. Wall Street is looking for revenue of $1.48 billion for 2019.

SHOP stock was down 2% as of Tuesday morning, but is up 25% year-to-date.

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