Square has been "executing on all cylinders," CFO Sarah Friar said Wednesday.
"So we have definitely executed beyond our expectations," Friar said on CNBC's "Squawk Alley."
Shares of Square gained as much as 7 percent Wednesday after its better-than-expected quarterly results a day earlier. The stock closed at $11.78, about 6.4 percent higher.
On Tuesday, Square reported it had a third-quarter loss of 9 cents per share on $439 million in sales. Analysts had expected a loss per share of 11 cents on revenue of $431 million, according to a Thomson Reuters consensus estimate.
The company's net revenue grew 32 percent from a year earlier, while its loss narrowed.
The company's software and data segment helped drive Square's solid earnings beat. The division includes Square Capital, its small-business loan arm, and Caviar, a food ordering and delivery service.
Square's software and data businesses brought in $35.3 million in revenue during the quarter, easily topping analyst projections for about $32 million, according to a FactSet consensus estimate.
The segment saw its revenue grow an eye-popping 140 percent year over year.
Since acquiring Caviar, Square said the service's weekly order volume has increased more than 11 times.
Going forward, Friar said most of the growth in Square Capital will come from Square's installed user base, even as the business starts to lend to "merchants that aren't necessarily on the Square ecosystem."
The payment processing company reported $8.2 million in hardware revenue. That figure was below analyst expectations for $8.7 million, according to a FactSet consensus estimate.
Still, that number represents a 94 percent year-over-year increase.
Square's iconic magstripe reader, which plugs into the headphone jack, is falling by the wayside as the company pushes its newer reader which accepts chip cards and near-field-communication payment methods like Apple Pay.
Friar explained that the new reader is more secure and convenient for both buyers and sellers. She also said that Square's ecosystem relies on the collaboration between its hardware, software and other services.