Concurrent Computer ( CCUR) was up 25% after reporting higher-than-expected third-quarter earnings and issuing new guidance above estimates.

The pioneer of video-on-demand technology said it earned $2.3 million, or 4 cents a share, up from $571,000, or 1 cent a share, in the year-ago quarter. Analysts had been expecting the company to post breakeven results for the quarter.

The company's revenue grew to $25.0 million from last year's $22.1 million. Video-on-demand revenue grew 41% to $14.6 million as the company added nine new system deployments.

Looking ahead, the company said it expects to earn between 4 cents and 5 cents a share in the fourth quarter and 3 cents to 4 cents a share for the full year. First Call analysts are expecting to see 1 cent a share in the fourth quarter and a loss of 4 cents a share on the year.

Concurrent was also upgraded by CIBC to strong buy from buy on the company's strong quarterly results.

Shares of Concurrent were recently trading up 25.3% to $7.04.