Shares of pop culture consumer products company Funko Inc. (NASDAQ: FNKO) surged 5.75% on Wednesday after the company reported better-than-expected third quarter earnings and revenue. The stock rally came as Funko topped analyst projections for both earnings per share and sales for the September quarter.

For Q3 2024, Funko posted adjusted earnings of $0.14 per share, blowing past the consensus estimate of $0.04 per share among analysts tracked by Refinitiv. Revenue of $292.765 million also exceeded expectations of $289.601 million. Though Funko's topline decreased 6.45% year-over-year, the company's earnings showed marked improvement from $0.03 per share in the prior year period.

While Funko's Q3 earnings beat provided a boost to the stock, it remains unclear if this alone accounted for the 5.75% surge on Wednesday. The pop culture products maker's shares could also be reacting to other factors or future expectations not explicitly covered in the earnings release. The reported results offer insight into Funko's latest performance, but do not definitively explain the driver behind the outsized stock movement.