Citrix Systems shares jumped to a fresh 16-year high Thursday as the company's first quarter earnings crushed forecasts.
It was the largest beat in a four-quarter streak of better-than-expected profits.
The business software maker earned $1.18 per share, well above the 26 cents consensus estimate. Revenue was also well above estimates. Citrix also raised its full-year 2016 guidance.
Read MoreCitrix tops Wall Street first quarter forecasts
The company is benefiting from both cost cuts and improved software sales. "The progress we made in refocusing the company-simplifying our portfolio and sharpening our message-is starting to pay off," said Citrix CEO Kirill Tatarinov in the company's press release.