Guidewire Software raised its full-year revenue guidance after swinging to a second-quarter profit. The shares gained 5.1% in extended trading.

The insurance software firm is now forecasting revenue for the full year between $1.44 billion and $1.45 billion, up from $1.4 billion to $1.42 billion. Analysts polled by FactSet are expecting $1.41 billion.

Chief Financial Officer Jeff Cooper said the raised outlook comes as the company delivers better-than-expected results in the second quarter.

Guidewire Software recorded a second-quarter net income of $60.1 million, or 70 cents a share, compared with a net loss of $37.3 million, or 45 cents a share, a year earlier.

Adjusted earnings came in at $1.17. Analysts polled by FactSet were looking for 77 cents a share.

Revenue grew 24% to $359.1 million, beating the $342.8 million that Wall Street had forecast, according to FactSet.

Top-line gains were driven by a 33% boost in subscription and support revenue to $237.2 million, offset by a 7% decline in license revenue to $59.5 million. Services revenue also climbed 30% to $62.4 million.

For the current third quarter, the company guided for revenue of between $352 million and $358 million, topping the $339.6 million that Wall Street is modeling, according to FactSet.