Shares of Paysafe (PSFE -0.28%) were up 22.6% as of 3:30 p.m. ET Tuesday after the payments-platform company announced strong quarterly earnings.

For its third quarter of 2023, Paysafe's revenue grew 8% year over year (or 5% at constant currency) to $396.4 million, translating to adjusted (non-GAAP) net income of $35.3 million, or $0.57 per share. Analysts, on average, were expecting earnings of only $0.05 per share but on revenue of $398.3 million.

Paysafe is building momentum

Within its top line, revenue from Paysafe's merchant-solutions segment rose 6% to $216.8 million, while the digital-wallets segment revenue grew 12% to $182.9 million. Total payment volume climbed 8% to $35.1 billion.

Trending toward the bottom line, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 22% year over year to $116.1 million. The company also continued to pay down its debt load, with its net-leverage ratio decreasing to 5.1 as of Sept. 30, 2023 from 5.8 at the end of 2022.

"Paysafe has continued to build momentum through the third quarter led by double-digit growth from our e-commerce solutions and classic digital wallets," added Paysafe CEO Bruce Lowthers. "These results reaffirm that the execution of our playbook is working and providing the foundation for us to deliver on our strategic initiatives and commitment to achieving our mid-term growth targets."

What's next for Paysafe stock?

Paysafe also announced a new $50 million share-repurchase program -- a significant sum considering the company's market capitalization stands at just above $800 million as of this writing.

Looking ahead to the rest of the year, Paysafe also reiterated its outlook for 2023 revenue of $1.595 billion to $1.608 billion, with adjusted EBITDA of $454 million to $462 million.

In the end, this was as solid a quarter as any investor could have hoped for in light of current macroeconomic uncertainty. With shares of Paysafe down around 26% year to date leading into this quarterly update, the stock is understandably rebounding accordingly.