NEW YORK (TheStreet) -- Shares of Square (SQ) were up 6.78% to $11.82 in Wednesday morning trading as the market reacted to the credit card processor's third quarter earnings beat.

Square reported a loss of 9 cents per share on adjusted revenue of $178 million after the market closed on Tuesday. Analysts surveyed by FactSet had expected to see Square post a loss of 11 cents per share on $173 million in revenue.

"I think the company has just been executing on all cylinders," CFO Sarah Friar said Wednesday on CNBC's "Squawk Alley." "We have definitely executed beyond our expectations. We see it in our results: three quarters now of beating the overall analyst forecast and lifting our guidance."

Square said its adjusted third-quarter revenue grew 51% year-over-year -- though the company did not go public until the fourth quarter of 2015, back in November. It is in the process of winding down a money-losing relationship with Starbucks (SBUX), in which Square had exclusive rights to process credit and debit card purchases at the coffee chain's locations.

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