Affirm Holdings (AFRM) reported its third-quarter results after the bell on Thursday, and on paper, things look pretty good. Revenue came in at $1.04 billion, up 33% from last year and ahead of the $993.63 million analysts were expecting. Earnings per share of 30 cents also beat the Street consensus of 19 cents. But the stock is trading down about 0.2% in after-hours, at $67.50. So what gives?

Let's dig into the numbers. Gross merchandise volume hit $11.6 billion in the quarter, up 35% year-over-year. That's the 10th consecutive quarter of GMV growth of 30% or more — a streak that shows Affirm's buy-now-pay-later model is still resonating with consumers. Direct-to-consumer GMV was particularly strong, up 48% to $3.7 billion, helped by the Affirm Card. That card now has 4.4 million active cardholders and generated $2.1 billion in GMV during the quarter.

Total transactions rose 45% to 45 million, and active customers grew 22% to 26.8 million. Active merchants jumped 47% to 515,000. Affirm added some big names in the quarter, including Nordstrom, Urban Outfitters parent URBN, and Sleep Number.

CEO Max Levchin sounded upbeat about consumer health. "The Affirm consumer remains financially healthy," he said. "We see neither a change in demand nor in our consumers' ability to repay." He added that delinquencies were in line with expectations.

Looking ahead, Affirm raised its Q4 revenue guidance to a range of $1.08 billion to $1.11 billion, up from $1.06 billion to $1.09 billion. The Street consensus is $1.085 billion. For the full year, the company now expects revenue between $4.175 billion and $4.205 billion, up from $4.086 billion to $4.146 billion. Analysts were looking for $4.139 billion.

Affirm also announced its next "Big Nothing" event, running May 13-15, offering 0% APR from thousands of merchant partners. It's a marketing push that tends to drive volume.

So why is the stock down? It's a modest move — just 0.21% — and could be profit-taking after the run-up. The stock's 52-week range is $42.10 to $100, so it's been volatile. Sometimes good news is already priced in, and investors want to see even more. But the fundamentals look solid, and the raised guidance suggests management sees momentum continuing.