Shopify (Shopify (SHOP)) just crossed a milestone that would make most companies throw a party: $100 billion in gross merchandise volume. But Wall Street, ever the tough crowd, sent shares down nearly 13% on Tuesday after the e-commerce platform reported its fiscal first-quarter 2026 results.

The numbers themselves were solid. Revenue grew 34.3% year-over-year to $3.17 billion, beating the analyst consensus estimate of $3.08 billion. Adjusted earnings per share came in at $0.36, topping the $0.33 forecast. Adjusted net income jumped to $360 million from $226 million a year ago.

The headline number was GMV: $100.74 billion, up 34.8% year-over-year. In constant currency, growth was 30%, reflecting some foreign exchange headwinds. Merchant solutions revenue rose 39.1% to $2.42 billion, while subscription solutions revenue grew 21% to $750 million.

Gross margin slipped a bit to 48.77% from 49.53% a year ago, but gross profit still grew 32.3% to $1.55 billion. The company generated $481 million in operating cash flow and $476 million in free cash flow, with the free cash flow margin holding steady at 15%.

Shopify President Harley Finkelstein said the company has entered the AI era with strong, durable growth and two decades of commerce intelligence, positioning it uniquely and setting up that advantage to compound through 2026. CFO Jeff Hoffmeister noted that the first-quarter performance showed broad-based growth across geographies, merchant sizes, and channels, with GMV exceeding $100 billion. He added that the platform's durability supports continued strategic investment in merchant tools and internal capabilities to drive innovation and faster execution.

So why the sell-off? The outlook. Shopify expects second-quarter 2026 revenue growth in the high twenties on a year-over-year basis. That implies revenue of roughly $3.403 billion to $3.457 billion, which actually brackets the analyst consensus estimate of $3.398 billion. The company also projects a free cash flow margin in the mid-teens.

But after a quarter of 34% growth, high-twenties guidance feels like a deceleration, and the market doesn't like deceleration. Shares were down 12.86% at $111.15 at the time of publication on Tuesday, according to market data.

Sometimes, even a $100 billion milestone isn't enough to keep investors happy.