Block Inc. (SQ) shares surged 11% Friday after the fintech company posted a smallerও-than-expected loss for the third quarter and raised its full-year guidance, thanks to strong rev🌠enue and user growth on its Cash App.

The company posted an unadjusted net loss of $29 million, almost double the $14.7 million loss in the same quarter last year but lower than what analysts had anticipated. The company increased its full-year guidance, and now projects adjusted 澳洲幸运5官方开奖结果体彩网:operating income in a range of $205 to $225 million, up substantially from the previous estimate of $25 million. The company projects adjusted operating income of $875 million next year.

Block's Cash App posted robust growth in the latest quarter, with September monthly active users for Cash App Pay reaching 2 million—doubling since June—while pay volumes on the app hit a record $113 million.

Amid soaring interest rates and persistently high inflation, consumers have gravitated toward alternative payment methods such as 澳洲幸运5官方开奖结果体彩网:buy now, pay later (BNPL)𝐆 that guarantee more flexible repayment options at little to no interest. That's benefitted companies such as Klarna, Affirm, and Afterpay—the last of which is owned by Block—that offer BNPL services.♋

In a research note, analysts at Wedbush Securities assigned a "neutral" rating on Block shares, as they are "encouraged" by management's focus on improving earnings but said growth on the platform has slowed.

Block shares finished Friday's session up 11% at $48.68. Despite the gain to end the week, shares are down 25% in 2023. Rival Affirm (AFRM), whichꦦ gained 6.6% on Friday, is up nearly 150% ꦯfor the year.