Ping Identity Holding Corp. shares rallied in the extended session Wednesday after the cybersecurity company’s quarterly results exceeded Wall Street expectations.

Ping
PING,
+1.68%

shares surged 20% after hours, following a 1.7% rise in the regular session to close at $22.36.

The company reported a second-quarter loss of $11 million, or 13 cents a share, compared with a loss of $3.3 million, or 4 cents a share, in the year-ago period.

Adjusted earnings, which excludes stock-based compensation expenses and other items, were 11 cents a share, compared with 8 cents a share in the year-ago period.

Revenue rose to $78.9 million from $59 million in the year-ago quarter, and ARR rose 19% to $279.6 million.

Analysts had forecast earnings of 4 cents a share on revenue of $66.1 million and ARR of $273.2 million. ARR, or annual recurring revenue, is a software-as-a-service metric that shows how much revenue the company can expect based on subscriptions.

Ping expects third-quarter revenue of $65 million to $75 million and ARR of $286 million to $288 million, and revenue of $278 million to $285 million and ARR of $304 million to $306 million for the year.

Analysts surveyed by FactSet had forecast on revenue of $68.3 million and ARR of $282 million for the quarter, and revenue of $269.4 million and ARR of $299.8 million for the year.

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