What happened

Shares of Five9 (NASDAQ:FIVN) surged on Thursday, rising as much as 24.4%. As of 10:00 a.m. EDT, the cloud-based contact center specialist's stock was up about 19%.

The stock's big gain follows Five9's second-quarter update, which included strong revenue and non-GAAP (adjusted) earnings-per-share growth.

A chart showing a stock price moving higher.

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So what

Five9's revenue jumped 27% year over year to $77.4 million, coming in well above management's guidance range for second-quarter revenue to be between $72 million and $73 million. Non-GAAP earnings per share jumped 82% year over year, rising from $0.11 in the second quarter of 2018 to $0.20. Analysts, on average, were expecting adjusted earnings per share of $0.12.

Helping drive the quarter was a 36% year-over-year increase in its trailing-12-month enterprise subscription revenue.

"Overall, we are making excellent progress on product innovation and enterprise traction and have a strong team in place, including an awesome go-to-market machine, to continue this momentum," said Five9 CEO Rowan Trollope in the company's second-quarter earnings release.

Now what

The better-than-expected quarter prompted management to lift its forecasts for the full year. Management now expects total revenue in 2019 between $312.5 million and $314.5 million and non-GAAP earnings per share between $0.70 and $0.73. These are improvements from Five9's previous expected ranges of $304 million to $307 million and $0.61 to $0.66, respectively.

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