Updated from 10:43 AM EDT.

NEW YORK (TheStreet) -- Shares of Vonage (VG - Get Report)  were surging 10.06% to $7.05 on heavy trading volume late Wednesday afternoon after the company posted better-than-anticipated results for the 2016 third quarter.

Before today's opening bell, the Homdel, NJ-based phone service provider reported adjusted earnings of 9 cents per share, exceeding analysts' expectations of 5 cents per share.

Revenue for the quarter was $248.4 million, above analysts' projections of $246.9 million.

"Our results reflect good progress integrating our acquisitions and building a winning product and go-to-market value proposition for our customers," CEO Alan Masarek said in a statement.

For 2016, Vonage continues to see revenue between $950 million and $960 million. Analysts are looking for revenue of $957 million for the full year.

Additionally, the company raised its guidance for Vonage business revenue to range between $374 and $377 million, up from $365 million to $370 million.

More than 11.52 million of the company's shares have traded so far today vs. its average 30-day volume of 2.74 million shares.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins.

But the team also finds weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: VG