Shopify’s stock jumped 25% on Tuesday following a report of strong earnings and an optimistic holiday forecast, pushing Canada’s stock index to record levels, crossing the 25,000 mark for the first time.

Shopify, the heaviest-weighted stock in Canada’s index, reported earnings per share of $0.35, beating the forecast of $0.26, with revenue reaching $2.16 billion, exceeding expectations. The company anticipates revenue growth of 20-30% in the next quarter, surpassing FactSet’s forecast of 23%.

Shopify President Harley Finkelstein highlighted that the platform is attracting major retailers and becoming the primary choice for e-commerce. “Shopify is a platform not just for entrepreneurs but for all commerce,” he noted.

Citi analysts point to Shopify’s strong growth potential, citing a large addressable market and favorable conditions for expansion.