Target is soaring after demolishing earnings

Target is taking off on Wednesday after beating profit and revenue expectations for the third quarter.

The retailer posted adjusted earnings per share of $1.04, well above analysts expectations of $0.83 per share. Additionally, revenue came in at $16.44 billion against projections of $16.30 billion.

Net income was well above expectations at $600 million against the $472 million that Wall Street was expecting.

"We are very pleased with our third quarter financial results, which reflect meaningful improvement in our traffic and sales trends and much stronger-than-expected profitability," said CEO Brian Cornell.

Following the news, Target's stock had jumped 9.3% to $78.10 a share, up $6.66 a share from its closing price on Tuesday, as of 7:38 p.m. ET.