Shares of Bentley Systems, Inc. (BSY) plummeted 5.01% in Wednesday's trading session, despite the company reporting third-quarter earnings that met analyst expectations. The significant drop suggests that investors may have been looking for more robust results from the infrastructure engineering software solutions provider.

Bentley Systems reported adjusted earnings of $0.27 per share for the third quarter, in line with analyst consensus estimates and representing a 12.5% increase from the same period last year. The company's quarterly sales reached $375.549 million, beating the analyst consensus estimate of $369.493 million by 1.64% and showing a 12.05% year-over-year growth.

Despite the seemingly positive results, including strong subscription revenue growth of 13.5% year-over-year and an improved operating income margin of 22.5% compared to 20.5% last year, the market's reaction was decidedly negative. This sharp decline may indicate that investors had higher expectations for Bentley Systems' performance or that they are concerned about future growth prospects in the face of broader economic uncertainties. As the company continues to focus on recurring revenue and maintaining a high net retention rate, investors will be closely watching for signs of sustained growth in the coming quarters.