Affirm Holdings, Inc. (AFRM) stock surged 5.20% during intraday trading on Friday, following the release of its impressive third-quarter financial results and subsequent positive analyst reactions.

The fintech company reported adjusted earnings of 30 cents per share for the quarter ended March 31, significantly beating the analyst consensus estimate of 19 cents. Revenue also exceeded expectations, rising 32.6% year-over-year to $1.04 billion against forecasts of $993.63 million. This performance marked a continuation of the company's profitability momentum.

Driving the positive sentiment was Affirm's decision to raise its full-year guidance for the second time. The company now expects gross merchandise volume (GMV) between $49.27 billion and $49.57 billion, up from previous guidance, and projects revenue in the range of $4.18 billion to $4.21 billion. The strong quarterly results were supported by a 35% surge in GMV to $11.6 billion and robust growth in active customers and transactions.

Several Wall Street analysts responded to the earnings report by maintaining or reiterating bullish ratings on the stock, with price target increases from firms including TD Cowen and Oppenheimer. The collective analyst action, combined with the fundamental strength shown in the earnings report, provided the catalyst for the stock's significant intraday gain.