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What: Shares of Silver Spring Networks (NYSE:SSNI) have sprung higher today, up by as much as 23% after the company reported second-quarter earnings.

So what: Non-GAAP revenue totaled $86.5 million, which translated into an adjusted net loss of $0.10 per share. Both top and bottom line results were better than the $79.6 million in sales and $0.17 per share loss that investors were expecting.

Now what: CEO Scott Lang said the company continues to execute on its roadmap, and numerous utilities are expanding their relationships with Silver Spring. On a GAAP basis, the company posted $9.5 million in net income, a substantial improvement from the $23.4 million net loss a year ago. Stifel Nicolaus has reiterated its buy rating while boosting its price target from $22 to $32.

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Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.