Why did Affirm stock surge today? Investors praise FQ4 revenue beat (NASDAQ:AFRM)

Affirm Holdings (NASDAQ:AFRM) stock surged 30% in Friday mid-afternoon trading after the buy now, pay later platform posted fiscal fourth-quarter revenue that exceeded expectations thanks to a rise in transactions.

The intraday swing pulled up its year-to-date gains to 97.2%, though the stock is still off 42.5% from a year before.

In addition, the provider of BNPL financing reaffirmed its guidance to attain full-year adjusted operating profit in its fiscal year 2024. Affirm (AFRM) expects to turn in annual profitability on an adjusted operating income basis “going forward,” CEO Max Levchin said during the company’s FQ4 earnings conference call.

“Our disciplined performance over the last several quarters has earned us the right to return to a more aggressive pace of network growth while maintaining discipline,” he added.

AFRM’s short interest, or the percentage of share float that has been sold short but has not yet been covered or closed out, stood at 17.16%.