Shares of Sezzle plunged after the company's second-quarter results and full-year outlook failed to meet Wall Street's expectations.

Shares were down 35% to $116.80 in Friday morning trading. The stock has risen 84% this year.

The digital payment platform on Thursday said it now expects full-year adjusted earnings of $5.25 a share, up from a previous view of $5.10 a share. Full-year revenue growth is expected to be 35%, the high end of Sezzle's previous guidance.

Prior to the Thursday earnings release, analysts polled by FactSet were expecting adjusted earnings of $5.12 a share on revenue of $597 million, representing 33% growth.

But the beat-and-raise quarter likely isn't enough to meet high expectations for the stock, according to Oppenheimer analysts.

"While the quarter was strong, expectations were elevated following the stock's rally into earnings, and today's modest guide raise is unlikely enough to push shares into positive territory tomorrow," the analysts wrote in a Thursday note.

The company reported a second-quarter profit of $40.8 million, or $1.17 a share. That compares with a profit of $27.6 million, or 78 cents a share, a year earlier.

Stripping out certain one-time items, the company reported adjusted earnings of $1.13 a share. Analysts were expecting $1.03 a share.

Revenue rose 52% to $149.7 million. Analysts were expecting $135.1 million.