Shopify (NASDAQ: SHOP) posted third-quarter results on Tuesday that beat expectations, saying its merchant base remained resilient in the face of U.S. tariffs, but shares declined more than 3% intra-day.

Revenue rose 32% year over year to $2.84 billion, ahead of the $2.76 billion consensus and slightly faster than the 31% pace in the prior quarter. Gross merchandise value increased 32% to $92.01 billion versus projections of $88.87 billion. Operating profit reached $343 million, above estimates of $311.4 million, while total operating expenses were $1.05 billion, roughly in line with expectations.

The company said investments continued in AI-enhanced services designed to help merchants with site creation, sales analytics and marketing content, as tariff-related uncertainty persisted around pricing, sourcing and input costs.