What happened

Shares of SailPoint Technologies Holdings (SAIL) skyrocketed today after the company reported better-than-expected second-quarter results on Thursday. The company's stock jumped by as much as 23% in trading today, before settling slightly lower. As of 12:58 p.m. EDT on Friday, SailPoint's shares were up 17.1%.

So what 

SailPoint Technologies completely obliterated Wall Street's estimates in the second quarter. The company reported adjusted earnings of $0.15 per share, far higher than analysts' consensus estimate for a loss of $0.04 per share. The earnings were also a big change from the company's loss of $0.01 per share in the year-ago quarter.  

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Image source: Getty Images.

Revenue increased 47% year over year to $92.5 million, outpacing Wall Street's estimate of $69 million for the quarter. The company's revenue gains were helped by subscription sales, which were up 36% year over year.

SaiPoint's share price had already been steadily climbing since its mid-March drop, and today's gains put the stock up 56% year to date.

Now what 

Management said that revenue in the third quarter will be $83 million at the midpoint, which would be a 9% increase year over year. Also, the company expects an adjusted net loss per share of $0.05 to $0.06, compared with a gain of $0.07 per share in the year-ago quarter. Revenue for the full year is forecast to be $343 million at the midpoint of guidance, which would a 19% increase from 2019.