Shopify Inc (SHOP  ) stock plunged after it reported its quarterly results Tuesday.

The company clocked fourth-quarter revenue growth of 24% year-over-year to $2.14 billion, which beat the consensus estimate of $2.08 billion.

The e-commerce platform company reported adjusted EPS of $0.34, which beat analyst estimates of $0.31.

Gross merchandise volume increased 23% year-over-year to $75.1 billion. Gross payments volume came in at $45.1 billion. Merchant solutions revenue increased 21% year-over-year to $1.6 billion.

The gross margin for the quarter was 49.5% compared to 46.0% a year ago.

Free cash flow totaled $446 million in the quarter compared to $90 million in the same quarter last year.

Q1 Outlook: Shopify expects first-quarter revenue growth of a low-twenties percentage rate on a Y/Y basis versus a $1.81 billion consensus.

The company expects the gross margin to be higher by 150 bps Y/Y.

It projects a free cash flow margin in high-single digits with sequential improvement every quarter throughout the year.

SHOP Price Action: Shopify shares traded lower by 13.00% at $77.57 premarket on the last check Tuesday.