Earlier last month, Ontario-based Shopify (NYSE:SHOP) announced its quarterly results that missed market expectations. Shopify continues to invest in product upgrades while benefiting from social partnerships with players like TikTok, and several partner integrations.

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Shopify’s Financials

Shopify’s third quarter revenues grew 46% to $1.123 billion, falling short of the market’s forecast of $1.23 billion. Net income was $1.148 billion, compared with a net income of $191.1 million a year ago. The significant increase was due to the $1.3 billion unrealized gain on their equity investments. Adjusted net income for the quarter was $102.8 million, or $0.81 per diluted share, compared with $1.13 per share reported a year ago. It missed the market’s forecast of $1.23 per share.

By segment, subscription revenues grew 37% to $336.2 million, ahead of the estimates of $265 million. Merchant solutions revenue rose 51% to $787.5 million.

Among other metrics, gross merchandise volume (GMV) rose 35% to $41.8 billion in the quarter. Gross Payments Volume (GPV) grew to $20.5 billion. The market was looking for GMV of $43.3 billion.

Shopify did not provide a forecast for the quarter.

Shopify’s Growth Focus

During the quarter, Shopify announced the launch of its product, Shopify Markets. The new product makes cross-border commerce easy for entrepreneurs, allowing merchants to easily enter new markets, while also increasing buyer trust and conversion with tailored experiences for each market. With the product, merchants are given a unified view of their entire businesses, across borders. Last quarter, 28% of traffic to merchant stores came from international buyers, suggesting growth in global commerce. Shopify realized that while this provides a significant opportunity, the entrepreneurs face challenges selling internationally. Shopify Markets is aimed at helping them grow in global markets.

It also announced Shopify Balance, its money management product. The product gives merchants a no-fee money management account with fast access to their cash, as well as a card for spending online, on mobile, or in-store, and rewards and discounts on everyday spending.

Shopify’s Partner Ecosystem

Besides product expansion, Shopify is also enhancing its partnerships. Its partner ecosystem now has more than 43,000 partners referring at least one merchant over the past 12 months.

During the last quarter, it expanded its relationship with TikTok introducing organic product discovery and shopping tabs where products are linked directly to a merchant’s online store for checkout. It announced its partnership with TikTok in October last year, and has seen merchants improve selling on this channel. Earlier last month, it launched Spotify sales channel integration that allows artists, entrepreneurs to sync their product catalogs and showcase their products directly on their Spotify profile.

Last month, Shopify launched its global ERP program with Microsoft, Oracle NetSuite, and Brightpearl to help build integrations into the Shopify App store. By integrating these apps, its bigger and more complex merchants can seamlessly connect their workflows, saving them time and money and giving them direct control over their data. Similarly, Roku is also extending its app capabilities. Roku is working to launch a TV streaming advertising app on the Shopify App Store that is expected to release in time for the holiday season.

Its stock is trading at $1,656.50 with a market capitalization of $207.5 billion. It hit a 52-week high of $1,674.79 earlier this month and a 52-week low of $880.00 in November last year.