What happened Shares of Shopify (NYSE: SHOP) climbed 16.6% in February, according to data provided by S&P Global Market Intelligence. The e-commerce company's stock continues to scale new all-time highs and is up 17.3% year to date. Image source: Getty Images. So what Shopify announced a blowout quarter with its recent full-year 2020 earnings release. Revenue for the fourth quarter nearly doubled year over year to $977.7 million. Its subscription solutions division saw a sharp rise in revenue due to a larger number of merchants joining Shopify's platform, while the merchant solutions segment enjoyed a more than a year-over-year doubling of revenue as gross merchandise volume doubled to $41.1 billion. Net income for the full year stood at $319.5 million, reversing 2019's loss of $124.8 million. The COVID-19 pandemic pushed more people to start businesses from home as governments imposed lockdowns and movement restrictions, resulting in a surge in new merchants joining Shopify's platform. The network effect also kicked in, with 42,200 partners referring a merchant to Shopify in 2020 compared to 24,500 in the previous year. During the year, the company launched its new Shopify POS, offering a faster and more scalable software to meet the needs of more complex retailers. POS Pro was also launched in tandem based on a subscription model and cones with attractive features such as buy online, pick up in store so that retailers could provide safety assurance to customers during the pandemic. Importantly, Shopify also onboarded Alipay, the payments division of Alibaba Group Holding, to allow U.S. merchants to accept payments from more than a billion active users in China. Now what The company is not done with its growth and projects that 2021 should see continued revenue growth for subscriptions as more merchants around the world join its platform. Gross merchandise volume is also expected to surge as Shopify expands its menu of merchant solutions, but is not expected to exceed 2020's stellar growth rate. 2021 promises to be yet another interesting year for Shopify as it makes plans to beef up its fulfillment network software to enable faster and cheaper deliveries, as well as localize its platform to suit non-English-speaking geographies where the company has a presence. 10 stocks we like better than ShopifyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Shopify wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Royston Yang has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Alibaba Group Holding Ltd. and Shopify. The Motley Fool has a disclosure policy.Source