Here's Why Square Stock Is Soaring on Friday

The stock market wasn't exactly having a great day on Friday, but Square (NYSE: SQ) was another story. The fintech giant had soared by more than 11% as of 10:30 a.m. EST to a fresh all-time high.

To say that Square's third-quarter results were impressive would be a massive understatement. Total net revenue grew by a staggering 140% year-over-year to more than $3 billion. The company's Cash App continues to fire on all cylinders, generating a $385 million gross profit for the company -- more than triple what it made Square a year ago. Customers adopted more and more of the app's products, and the number of active daily Cash App users has doubled from a year ago.

Image source: Square.

Source Fool.com