Shares of Block Inc (NYSE:SQ) soared more than 12% intra-day today after the company increased its full-year adjusted EBITDA forecast.

Block reported a significant year-over-year rise in its third-quarter adjusted EPS, reaching 55 cents, surpassing the 47-cent consensus. Net revenue climbed 24% from the previous year to $5.62 billion, exceeding the $5.47 billion estimate.

The company’s adjusted EBITDA stood at $477.5 million, well above the expected $373.8 million. Though the gross payment volume grew 10% annually to $60.08 billion, it was marginally below the $61.04 billion forecast.

Cash App continued to perform strongly, recording 55 million monthly transacting active accounts, a slight increase from the previous quarter and just over the 54.7 million estimate.

Block has revised its full-year adjusted EBITDA projection upward to $1.67 billion from the previous $1.5 billion estimate and anticipates it to rise to $2.4 billion in 2024.

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