What happened Shares of JFrog (NASDAQ: FROG) are falling today, down by 11% as of 12:30 p.m. EST, after the company reported third-quarter earnings. This was the software specialist's first earnings release as a public company following its IPO in September. So what Revenue in the third quarter jumped 40% to $38.9 million, topping the $37.9 million in sales that analysts were modeling for. That resulted in adjusted earnings per share of $0.05, while Wall Street was expecting JFrog to break even. The software development platform company now has 313 customers that generate annual recurring revenue (ARR) greater than $100,000, with nine customers with ARR above $1 million. Image source: Getty Images. "Our customers continue to adopt cloud-based and hybrid solutions as they embrace digital transformation through modern, cloud-native technologies," CEO Shlomi Ben Haim said in a statement. "As DevOps continues to change the software update landscape, we look forward to leading the market in the fourth quarter and beyond." Now what JFrog issued guidance for the fourth quarter that calls for revenue of $40.9 million to $41.9 million, compared to the consensus estimate of $40.5 million in sales. Adjusted earnings per share are forecast at breakeven to $0.02, with Wall Street still expecting breakeven next quarter. The company also offered an outlook for the full year. Revenue in 2020 is expected to be $149 million to $150 million, with adjusted earnings per share of $0.11 to $0.13. Needham reiterated a buy rating on JFrog shares, with analyst Jack Andrews increasing his price target from $89 to $91. 10 stocks we like better than JFrog Ltd.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and JFrog Ltd. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source