Workiva (WK) saw its stock surge 5.96% in after-hours trading on Wednesday, following the release of its impressive third-quarter earnings report. The cloud-based compliance and regulatory reporting software company significantly outperformed analysts' expectations, demonstrating robust growth and a positive outlook.

The company reported an adjusted earnings per share (EPS) of $0.55 for Q3, handily beating the IBES estimate of $0.39. This strong performance was underpinned by total revenue of $224 million, marking a substantial 21% increase year-over-year. Subscription and support revenue, a key metric for software-as-a-service (SaaS) companies, grew even faster at 23% compared to the same quarter last year.

Adding to investor optimism, Workiva provided a promising outlook for the fourth quarter, projecting revenue between $234 million and $236 million. The company also announced the appointment of Michael Pinto as Chief Revenue Officer, a move that could further boost its sales strategy and growth trajectory. With a growing customer base, impressive retention rates, and increasing high-value contracts, Workiva appears well-positioned for continued success in the compliance and reporting software market.