Shares of I3 Verticals Inc. (IIIV) are soaring 5.26% in pre-market trading on Friday, following the company's impressive second-quarter earnings report that exceeded analyst expectations. The financial technology firm demonstrated robust performance, beating estimates on both earnings per share and revenue.

I3 Verticals reported adjusted earnings of 23 cents per share for the quarter ended June 30, surpassing the mean expectation of 21 cents per share from five analysts. This represents a significant improvement from the 7 cents per share reported in the same quarter last year. The company's quarterly net income stood at $12.88 million. Despite a 7.4% year-over-year decline, revenue came in at $51.90 million, outperforming analyst projections of $49.08 million.

The strong quarterly results continue I3 Verticals' positive momentum in the market. The company's shares have risen by 3.4% this quarter and gained an impressive 23.3% year-to-date. Wall Street maintains a bullish outlook on I3 Verticals, with the current average analyst rating being "buy". The median 12-month price target stands at $33.00, suggesting a potential upside of about 13.6% from its last closing price of $28.50. As I3 Verticals continues to outperform expectations, investors appear optimistic about the company's growth prospects in the competitive fintech sector.