E-commerce software platform Shopify (NYSE:SHOP) will be announcing earnings results tomorrow before the bell. Here’s what to expect.

Shopify beat analysts’ revenue expectations by 1.7% last quarter, reporting revenues of $2.05 billion, up 20.7% year on year. It was a very strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ total payment volume estimates.

Is Shopify a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Shopify’s revenue to grow 23.4% year on year to $2.11 billion, slowing from the 25.5% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.27 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Shopify has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 3.1% on average.

Looking at Shopify’s peers in the e-commerce software segment, some have already reported their Q3 results, giving us a hint as to what we can expect. GoDaddy delivered year-on-year revenue growth of 7.3%, meeting analysts’ expectations, and BigCommerce reported revenues up 7.3%, in line with consensus estimates. GoDaddy traded up 3.1% following the results while BigCommerce was also up 9.5%.

Read our full analysis of GoDaddy’s results here and BigCommerce’s results here.

There has been positive sentiment among investors in the e-commerce software segment, with share prices up 11% on average over the last month. Shopify is up 5.2% during the same time and is heading into earnings with an average analyst price target of $75.86 (compared to the current share price of $87.99).

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