Affirm stock surged 9.1% in after-hours trading Thursday after the financial technology company posted fiscal fourth-quarter earnings that cleared Wall Street's expectations.

Revenue rose 33% to $1.2 billion in the three months ended June 30, edging past analysts' calls for $1.1 billion. Gross merchandise volume, a measure of all transactions processed on Affirm's platform within a specific period, jumped 36% to $14.1 billion. The number handily beat the $13.4 billion Wall Street had anticipated.

Fintech stocks have struggled this year as the boom-era hype of 2021 continues to fade. Affirm has gained a modest 4.1% in 2026, trailing the broader market, while sector peers SoFi Technologies and Klarna Group remain solidly in the red. SoFi is down 27% through Thursday's close, while Klarna has plunged nearly 52%.

However, that downward trend may be reversing. Ahead of Affirm's earnings release, Jefferies analyst John Hecht noted that fintech stocks have outperformed the broader market over the past month, rising an average of 6.7%, compared with a 3.2% gain for the S&P 500.

Hecht attributed the momentum to strong loan origination, product expansion, and surprisingly resilient consumer credit quality.