Qlik Technologies' expansion includes a new office in Ottawa, Canada. Credit: QlikTech. 

Shares of Qlik Technologies (NASDAQ:QLIK) fell sharply after the company on Thursday reported single-digit revenue growth and meager per-share earnings in the third quarter. The stock dropped 11% on Friday. Here's a closer look at the year-over-year figures:

QLIKQ3 2015 ActualsQ3 2014 ActualsYOY Growth
Revenue $141.17 million $131.28 million 7.5%
Non-GAAP Income From Operations $4.35 million $2.64 million 64.7%
Adjusted EPS $0.02 $0.01 100%
Cash From Operations (trailing 9 mos.) $56.14 million $17.31 million  224.3%

Sources: S&P Capital IQ and QlikTech press release. 

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

Our comprehensive platform approach to analytics is resonating well with customers and partners, and we are seeing strong adoption of Qlik Sense. We are confident in our differentiated position within our large market opportunity, and we expect to achieve our full year goals of reaccelerating revenue growth and driving margin expansion.

What went right: Qlik's pipeline looks strong. In Q3, the company completed 130 deals, with license and first-year maintenance over $100,000. Of those, 34 deals brought in more than $250,000, and eight deals brought in more than $1 million. That compares to 108 deals more than $100,000, 23 deals more than $250,000, and seven deals more than $1 million in last year's third quarter.

What went wrong: Currency effects once again took their toll on Qlik, which does an inordinate amount of business overseas. Strip out the adjustments, and the company said that revenue rose 19% year over year in the Americas, 18% in Europe, and 27% in the remaining territories. Qlik may be getting penalized for things that management can't control, though it's also possible that investors are taking a breather from the stock, which ended Thursday up more than 12% year to date. 

What's next: Looking ahead, management expects $206 million to $211 million in revenue for the fourth quarter, resulting in $0.36 to $0.39 in per-share earnings after accounting for noncash and one-time items. According to S&P Capital IQ, that compares with $182.78 million and $0.32 a share in last year's Q4. Longer term, analysts have QlikTech growing earnings by an average of 26.49% annually during the next three-to-five years.  

In the meantime, investors should focus on the deal flow that Qlik provides quarterly. It's the best indicator of whether the company is winning the types of customers that will ultimately fund long-term growth in revenue, profit, and cash flow.