Shift4 Payments Inc (NYSE:FOUR) shares rose Thursday after the payments processor reported first-quarter results that topped Wall Street estimates and reaffirmed its full-year outlook.

The stock surged over 9%, as high short interest—exceeding 19% of the float—likely acted as a catalyst, amplifying buying pressure and accelerating the rally.

Strong Q1 Revenue And Earnings Growth

Quarterly gross revenue increased 32% year over year to $1.121 billion, ahead of analysts' estimates of $1.089 billion. Adjusted earnings were 97 cents per share, compared with consensus estimates of 96 cents.

Payments-based revenue rose to $917 million from $756 million a year earlier, while subscription and other revenue increased to $102 million from $92 million.

Gross revenue less network fees climbed 49% to $549 million from $369 million a year earlier. End-to-end payment volume increased 24% year over ...