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What's happening?
Shares of NetSuite (NYSE:N) are trading 12% higher today after the company released third-quarter earnings ahead of Wall Street's expectations yesterday evening

Why it's happening
NetSuite's third-quarter top line of $143.7 million was better than the $141 million  Wall Street had modeled, and was a 34% improvement over the year-ago quarter, but its adjusted earnings of $0.11 per share stole the show -- analysts had only expected the company to earn $0.04 in adjusted EPS. GAAP results  were far lower, as the company lost $0.38 per share due to high one-time costs.

NetSuite now says that it will generate  between $154 million to $156 million in revenue and $0.08 to $0.10 in adjusted EPS for the fourth quarter. NetSuite executives also upgraded their full-year guidance, which increased on the top line from a $545 million to $550 million range to a new range of $552 million to $554 million, with full-year adjusted EPS projected to range from $0.31 to $0.33, up from an earlier range of $0.24 to $0.26.

Fourth-quarter guidance now comes in slightly ahead of Wall Street's expectations  for $152.4 million in revenue, but merely hits analysts' EPS expectations of $0.10 on the high end. However, full-year guidance was the real standout -- analysts had only expected NetSuite to generate $548.8 million in revenue and $0.26 in EPS for 2014.

Alex Planes has no position in any stocks mentioned. The Motley Fool recommends NetSuite. 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.