Updated from 5:08 p.m.

PeopleSoft

(PSFT)

said it earned 8 cents a share in the third quarter, beating analysts' estimates.

Analysts expected the company to earn 7 cents a share, according to

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First Call/Thomson Financial

.

PeopleSoft earned $23.4 million in the period, compared with $5 million a year ago. The software company said its revenue increased 28% to $443 million from $346 million in the year-earlier quarter.

In addition, the company said its board approved a plan to repurchase up to $100 million of the company's common stock over the next 12 months. "With over $1 billion in cash and investments today, we believe a repurchase plan is in the best interests of all shareholders," CEO Craig Conway said in a statement. At Sept. 30, PeopleSoft had 283 million shares outstanding.

And PeopleSoft named Steve Hill, its chief financial officer, senior vice president of business development. Kevin Parker joins the company as its new CFO from Aspect Communications, where he was CFO.