Shares of Workiva Inc. (NYSE: WK) surged over 5% on Thursday, as the cloud-based compliance and reporting platform provider reported strong third-quarter results and raised its full-year guidance, fueled by robust demand for its solutions and strategic growth initiatives.

The Battle Creek, Michigan-based company reported a 17% year-over-year increase in total revenue to $185.6 million, exceeding analyst estimates of $182.58 million. Subscription revenue, a key metric for Software-as-a-Service (SaaS) businesses, grew 19% to $171 million, driven by strong customer retention and account expansion.

Workiva's solid performance was underpinned by its ongoing efforts to enhance its platform capabilities and capitalize on emerging market opportunities, particularly in the Environmental, Social, and Governance (ESG) reporting space. The company's recent acquisition of Sustain Life and the rollout of its Workiva Carbon solution have bolstered its ESG offerings, positioning it to capture the growing demand for integrated carbon accounting and ESG solutions.