What happened

The share price of Five9 (FIVN 2.16%), a software provider for cloud contact centers, rose quickly today after the company reported better-than-expected third-quarter results. 

Investors were happy that Five9 beat analysts' top- and bottom-line consensus estimates for the quarter, sending the company's share price up 13.3% as of 3:25 p.m. ET. 

So what 

Five9 reported non-GAAP (adjusted) earnings per share of $0.39 in the third quarter -- up from $0.28 in the year-ago quarter and ahead of Wall Street's average estimate of $0.35 per share. 

The company's top line also impressed investors, with sales increasing 29% year over year to $198.3 million and topping analysts' consensus estimate of $195.1 million. 

"We are still in the early innings of the long-term shift to the cloud and we believe Five9 is very well positioned in this massive market as we continue to execute on product innovation, our march up market and international expansion," Five9's chairman and incoming CEO, Mike Burkland, said in a press release. 

Other highlights from the quarter include Five9's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $36.7 million, up from $27.4 million in the year-ago quarter, and operating cash flow of $30.5 million, an increase from a loss of $4.8 million in the third quarter of 2021. 

Now what 

While Five9 beat Wall Street's expectations for the third quarter, the company's guidance was lower than analysts were estimating. 

Management said that fourth-quarter earnings per share will be in the range of $0.40 to $0.42 and that revenue will be $204.5 million at the midpoint of guidance. 

Those numbers are significantly lower than earnings of $0.51 per share and revenue of $215.7 million that analysts were estimating. 

Still, investors appeared content to focus on the company's solid third-quarter results and to look past Five9's lower-than-expected outlook for now.