SurveyMonkey stock shoots up as more businesses buy in

SurveyMonkey stock shot up 13 percent Wednesday, a day after the company reported solid earnings for its first quarter as a public company along which has a growing enterprise user base.

The shares climbed as much as 19 percent to $13.45 in midday trading, after initially jumping just 3 percent Tuesday evening in after-hours trading immediately following the report. which reverses a downward trend for the company, which went public in September. Before Wednesday’s surge, the stock had shed more than 30 percent since its IPO.

The company reported third-quarter revenue of $65.2 million, a year-over-year jump of 18 percent. which also posted jumps in total paid users, average revenue per user along with in revenue generated through its sales-assisted enterprise business segment.

SurveyMonkey ended the quarter with 3,0 enterprise clients, up 10 percent through the second quarter. which segment accounted for 12 percent of total revenue during the quarter.

“We’re definitely growing like kind of a leading software SaaS business there in which side of the business, along with I think you’re just going to continue to see us definitely put up steady momentum along with which 12 percent of our revenue which comes through sales will increase year over year,” CEO Zander Lurie said on the company’s earnings call.

SurveyMonkey reported 621,000 paid users across 300,000 organizations at the end of the third quarter. Enterprise clients likely account for the company’s rising average revenue per user. The company reported ARPU of $418, an increase of 14.8 percent year over year.

Programming Note: For more on SurveyMonkey, watch CEO Zander Lurie’s interview on “Mad Money” Wednesday at 6 p.m. ET.

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