Shares of Shopify (SHOP) are soaring Wednesday following the company's strong second quarter performance. The e-commerce platform beat analyst expectations for both revenue and earnings. Shopify reported a 21% year-over-year increase in revenue, reaching $2.05 billion for the quarter, topping estimates of $2.01 billion.

Additionally, the company saw improvement in subscriber growth and operational costs.

Catalysts co-hosts Seana Smith and Madison Mills break down the details of the results.

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This post was written by Angel Smith