What happened

Shares of enterprise cloud applications company Workday (WDAY -0.24%) jumped on Friday, rising about 13% as of 11:06 a.m. EST.

The stock's rise follows Workday's third-quarter earnings release, which featured revenue and adjusted earnings per share that crushed analyst estimates.

Workday cloud platform

Workday cloud platform. Image source: Workday.

So what

Workday's fiscal 2019 third-quarter revenue rose 33.8% year over year to $743.2 million. This was well ahead of a consensus analyst forecast for revenue of $723 million. Adjusted earnings per share for the period was $0.31, up from $0.24 in the year-ago period. On average, analysts expected adjusted earnings per share of $0.14.

"We had a great third quarter and continue to see significant momentum across our suite of products," said Workday CEO Aneel Bhusri in the company's third-quarter earnings release. Notably, management said the company saw accelerated adoption of its platform for financial management companies.

Subscription revenue jumped about 35% year over year -- an acceleration from 30% growth in Q2.

Now what

In light of the company's strong momentum, Workday raised its outlook for its subscription revenue in the full year of fiscal 2018. Management said it expects subscription revenue to be between $2.376 billion and $2.377 billion, implying about 33% year-over-year growth. Previously, management was expecting full-year subscription revenue to rise about 31% year over year.