E-Commerce software platform Shopify (NYSE:SHOP) will be announcing earnings results tomorrow morning. Here's what to look for.

Last quarter Shopify reported revenues of $1.71 billion, up 25.5% year on year, beating analyst revenue expectations by 2.6%. It was a very strong quarter for the company, with a significant improvement in its gross margin and a decent beat of analysts' revenue estimates.

Is Shopify buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Shopify's revenue to grow 19.6% year on year to $2.07 billion, slowing down from the 25.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.30 per share.

The analysts covering the company have had mixed opinions about the business heading into the earnings, with revenue estimates seeing four upward and two downward revisions over the last thirty days. The company missed Wall St's revenue estimates twice over the last two years.

Looking at Shopify's peers in the sales and marketing software segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. VeriSign delivered top-line growth of 3% year on year, beating analyst estimates by 0.7% and LiveRamp reported revenues up 9.6% year on year, exceeding estimates by 1.2%. VeriSign traded flat on the results, and LiveRamp was down 2.3%.

Read our full analysis of VeriSign's results here and LiveRamp's results here.

There has been positive sentiment among investors in the sales and marketing software segment, with the stocks up on average 8.2% over the last month. Shopify is up 12.4% during the same time, and is heading into the earnings with analyst price target of $68.4, compared to share price of $91.4.

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