Shopify (NYSE:SHOP) shares rose more than 17% on Thursday following the company’s reported Q3 results, with EPS of ($0.02) coming in better than the Street estimate of ($0.07). Revenue was $1.4 billion, beating the Street estimate of $1.34 billion.

The quarter was highlighted by solid revenue, strong take rate expansion, and faster-than-expected moderation in expenses helping offset weaker-than-expected GMV and MRR.

While some of the longer-term questions/concerns remain unanswered, commentary regarding the pace of investments in particular should provide near-term relief for the shares against relatively negative investor sentiment. More prudent spending given the macro along with the strong likelihood that operating margins will inflect back to positive territory in 2023 was a clear positive and offset some of the quarter’s disappointments.

The company expects GMV growth to continue to outperform the broader U.S. retail market in Q4. Merchant Solution revenue growth year-over-year is expected to be more than double that of Subscription Solution revenue growth for the full 2022 year.