Nasdaq announced on Monday that Shopify will become a component of the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted Index before the opening of the market on May 19. The e-commerce company will replace MongoDB Inc. in the Nasdaq-100 Index and the Nasdaq-100 Equal Weighted Index.

Shares of Shopify jumped 12% in premarket trading.

With its Q1 earnings report, Shopify reported revenue jumped 26.9% in Q1 to $2.36 billion. Subscriptions revenue increased 21% during the quarter to $620 million, while merchants solutions revenue was up 29% to $1.74 billion. Gross merchandise volume was up 23% to $74.75 billion during the quarter. Free cash flow margin was 15% of sales, to improve from the 12% mark from a year ago. Net income was reported at $226 million, vs. $144 million a year ago.

Looking ahead, Shopify sees Q2 revenue growing at a mid-twenties percentage rate on a year-over-year basis and gross profit dollars growing at a high-teens percentage rate on a year-over-year basis, a range which fell below the consensus expectation of 20.2%.