Shares of Qualtrics International (NASDAQ: XM) surged as much as 21.1% early Tuesday morning. The extreme gains didn't last, cooling down to a 9.7% increase by 2:40 p.m. ET, but that's still an impressive upswing. The quick gains were powered by a robust third-quarter report after Monday's closing bell.

Qualtrics provides tools to help businesses improve the experiences of their customers, employees, and suppliers, among others. Third-quarter sales rose 39% year over year to $378 million, with 83% of this revenue generated by subscription-style contracts, up from 81% a year ago. Adjusted earnings landed at $0.04 per diluted share, up from $0.01 per share in the third quarter of 2021.

The analyst consensus pointed to a net loss of roughly $0.02 per share on top-line sales near $356 million. Furthermore, Qualtrics' management provided fourth-quarter targets above the current Street view.

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Source Fool.com