Block.com released its three-year growth outlook and added $5 billion to its stock buyback authorization, sending its stock price soaring 8%.

Block, founded by Jack Dorsey, projects gross profit to grow at a mid-double-digit rate to $15.8 billion annually by 2028, with adjusted operating profit increasing by 30% annually to over $4.6 billion. It also announced an additional $5 billion in stock buyback authorization.