JFrog (NASDAQ: FROG) shareholders beat a declining market this week. The software development services provider's stock rose 10% through Thursday trading compared to a 2.6% drop in the S&P 500, according to data provided by S&P Global Market Intelligence. Its shares are still in negative territory for the year, though, down 4% so far in 2023.

This week's rally was sparked by good news on the earnings front.

In a Q1 earnings report on Wednesday, JFrog reported sales of $80 million, translating into a 25% increase from the prior-year period. That growth result edged past management's February forecast thanks to solid demand for cloud software spending. The company also beat expectations about profitability. "We're excited about the continued growing demand for our solutions," CEO Shlomi Ben Haim said in a statement.

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Source Fool.com