What: Shares of Keysight Technologies (NYSE:KEYS) were up 11.7% as of 12:15 p.m. Thursday after the electronic measurement technologies company released better-than-expected fiscal third-quarter results.

So what: Quarterly fell 12% year over year to $665 million, and would have fallen a more modest 9% had it not been for the negative effects of currencies and acquisitions. That translated to a 29.3% decline in adjusted net income to $94 million, and a 31.3% decrease in adjusted net income per diluted share to $0.55. This might not sound impressive, but analysts were anticipating lower revenue and earnings of $657 million and $0.46 per share, respectively.

Keysight CEO Ron Nersesian called it a "solid profit performance [...] despite a challenging market environment," and elaborated that Keysight's $606 million acquisition of wireless testing specialist Anite closed ahead of schedule exactly one week ago. "The transaction is a significant step forward," added Nersesian, "as we execute our strategy to grow in wireless and expand our software solutions."

Now what: For the current quarter, Keysight anticipates revenue of $735 million to $775 million, with adjusted earnings per share of $0.57 to $0.71. The midpoint of both ranges sits well above analysts' models, which called for fiscal fourth-quarter revenue of $708.7 million, and earnings of $0.62 per share.

Finally, for the full fiscal year 2015, Keysight expects revenue of $2.84 billion to $2.88 billion, and adjusted earnings per share of $2.38 to $2.52. Wall Street was less optimistic here again, with consensus estimates predicting fiscal 2015 revenue of $2.81 billion, and earnings of $2.34 per share.

In the end, this was undoubtedly a solid quarter relative to analysts' expectations. As a result -- and while I'm not personally intrigued enough to dive in given Keysight's lack of revenue and earnings growth for now -- I can't blame the market for bidding up Keysight Technologies stock today.

Steve Symington 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.