Qlik Technologies preparing to welcome employees to another of its annual summits. Source: Qlik Technologies. 

Shares of Qlik Technologies (NASDAQ:QLIK) were up 6.7% as of 2 p.m. Friday as investors cheered stronger-than-expected sales in Thursday's quarterly report. Here's a closer look at the Q2 totals versus Wall Street's projections:

QLIKRevenueYear-Over-Year GrowthEarnings Per ShareYear-Over-Year Growth
Consensus estimate  $137 million  4.1%  $0.00  0%
Q2 actual  $145.83 million  10.8%  ($0.01)  (150%)
DIFFERENCE  $8.83 million  6.7%  ($0.01)  (150%)

Sources: S&P Capital IQ and the Qlik Q2 press release.

Commenting on the results, CEO Lars Bjork said in a press release:

This was another great quarter for Qlik. On a constant currency basis, we achieved accelerating license and total revenue growth, driven by increased momentum around Qlik Sense and ongoing healthy demand for QlikView. Our platform strategy is expanding the dialogue with customers and prospects, as they can now leverage best-in-class visualization, governance, security and collaboration, all from one vendor.

What went right: License revenue grew 29% after removing the impact of foreign currency exchange and 14% unadjusted. In either case, revenue from new product sales grew faster than the overall average as customers took to Qlik's more recent products. New customers deserve some of the credit for those gains. According to Qlik's press release, existing clients accounted for 59% of license and first-year maintenance billings, down from 65% in last year's Q2.

What went wrong: Earnings came in lighter than expected due to a sharp increase in sales and marketing expenses, which were up 14.7% year over year. Also, professional services revenue declined slightly from last year's Q2. New product sales combined with long-term maintenance contracts are the bread and butter of this business.

What's next: Looking ahead, Qlik forecasts $140 million to $144 million in third-quarter revenue and $0.01 to $0.03 of per-share earnings. Overall revenue is expected to be up between 21% and 23% this year.

Analysts tracked by S&P Capital IQ have Qlik generating $142.63 million in revenue and $0.04 a share in profit after accounting for stock-based compensation and other noncash items. That compares with $131.28 million and $0.01 a share in last year's Q3.

Longer term, analysts have Qlik growing earnings by an average of 30.49% annually over the next three to five years. 

In the meantime, investors should pay close attention to license revenue growth. Continued gains would suggest strong uptake for the newest versions of QlikView and the Qlik Sense desktop, a business intelligence tool that also meets compliance and regulatory standards for data security.