Shares in Rapid7 Inc. rose in after-hours trading today after the cybersecurity solutions provider reported earnings and revenue beats in its most recent quarterly report.

For its third quarter that ended Sept. 30, Rapid7 reported adjusted earnings per share of 50 cents on revenue of $199 million, up 13% year-over-year. Analysts had expected Rapid7 to report earnings per share of 42 cents on revenue of $197 million.

Rapid7’s solid figures were driven by customer growth, with the company’s customer count increasing to 11,412, up 6% year-over-year, and its annual recurring revenue rose 13% from a year ago, to $777 million. Those customers are also spending more, with the average annual recurring revenue from each customer sitting at $68,100, up from $63,100 a year prior. Product revenue rose 14% year-over-year, to $190 million.

Highlights in the quarter included Rapid7 launching “Executive Risk View,” a solution that normalizes risk scoring in cloud and on-premises environments, in July. Rapid7’s Executive Risk View was designed to aid security leaders in assessing risks effectively and improving collaboration with teams throughout an organization for better cyber risk reduction.

The solution from Rapid7 ingests data via dedicated collection mechanisms, capturing information from workloads regardless of whether they’re operating on-premises or in the cloud. Executive Risk View delivers comprehensive risk visibility across hybrid environments, eliminating blind spots and allowing scalability as required.

For its fiscal fourth quarter, Rapid 7 expects revenue of between $200 million and $202 million and adjusted earnings per share of between 47 and 49 cents. For its full fiscal year, the company expects revenue of $774 million to $775 million and adjusted earnings per share of $1.26 to $1.29.

At the midpoint, the revenue outlook for the fourth quarter was a miss as analysts were expecting $203 million, but investors seemingly didn’t care. Rapid7 shares rose nearly 8% in extended trading.

“The work we are doing to align our efforts around the extended SOC and scaling our ability to offer integrated expertise enables us to drive better security outcomes for our customers, which, along with our streamlined cost structure, positions us for more profitable growth,” Corey Thomas, chairman and chief executive officer of Rapid7, said in the company’s earnings release.

The financial report comes after the company laid off 18% of its staff in August. Thomas claimed at the time that the restructuring was about “making decisions from a place of strength” that “allows us the opportunity to restructure intentionally.”

Image: Rapid7