Shopify's (SHOP) long-term growth drivers are still "intact" amid concerns over tariffs and other macro uncertainties, RBC Capital Markets said in a Thursday note.

The e-commerce company's Q1 "was healthy, though the beat was less than typical," RBC analysts said, adding that the company's exposure to drop shipping is less than expected and it hasn't seen any impact from macro or tariffs yet.

The company reported Thursday a Q1 net loss of $0.53 per diluted share, compared with a loss of $0.21 a year earlier, though revenue increased to $2.36 billion from $1.86 billion. Shopify also said it expects Q2 revenue to grow at a mid-twenties percentage rate compared with a year earlier.

RBC said Shopify's Q2 revenue guidance is above analyst consensus forecasts but estimates for gross profit and free cash flow are falling short. The investment firm attributed the gross profit shortfall to Shopify's increasing mix of lower-margin revenue.

Shopify continues to see "strong momentum" in several new markets and is likely to sustain share gains given its ability to rapidly launch new features and provide flexibility to merchants via its modern cloud architecture, RBC said.

RBC maintained its outperform rating on Shopify, with a price target of $125.

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