Shopify SHOP.TO, SHOP.O projected quarterly revenue above market estimates on Wednesday, as the e-commerce platform expects consumer spending to be resilient against a backdrop of U.S. tariffs and rising prices.

U.S.-listed shares of the Ontario, Canada-based company jumped 11% in premarket trading after it also announced a share buyback plan of up to $2 billion.

While the economic fallout from U.S. President Donald Trump's tariffs, rising cost-of-living challenges, and worries over the labor market have strained shopping budgets, consumer spending has held strong in the U.S., driven primarily by higher-income households.

U.S. consumer sentiment rose to a six-month high in early February, according to the University of Michigan's Surveys of Consumers. Consumer spending also increased solidly in October and November, aiding healthy holiday quarter sales for retailers.

That is underpinning growth at Shopify, which primarily generates revenue by taking a cut of merchant sales through payment processing fees and by selling subscription plans to merchants.

The company expects revenue to rise at a low-thirties percentage rate in the first quarter, compared with analysts' average estimate of a 25.2% rise, according to data compiled by LSEG.

Total revenue rose 31% to $3.67 billion in the December quarter, compared with the average of analysts' estimates of $3.59 billion, according to data compiled by LSEG.