Shares of JFrog (NASDAQ: FROG) went up on Thursday after the company reported financial results for the third quarter of 2023. As of 12:30 p.m. ET, JFrog stock had leaped 17% higher -- get it?

JFrog is a usage-based enterprise software company. This kind of business has generally seen a slowdown in 2023. However, in the third quarter of 2023, the company generated revenue of $88.6 million, which was up 23% year over year and ahead of its guidance of $87 million to $88 million.

JFrog's cloud revenue jumped 46% year over year and now comprises 35% of total revenue. Cloud revenue is driven by customer usage. CFO Jacob Shulman further clarified by saying results were "driven primarily by usage of our large customers."

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Source Fool.com