What happened Shares of Avid Technology (NASDAQ: AVID) rose on Thursday after the technology provider to the media and entertainment industry reported its third-quarter results. While revenue was down a bit from the same period last year, sales improved from the second quarter and were ahead of analyst expectations. The stock was up about 11% at 11:25 a.m. EDT. So what Avid reported third-quarter revenue of $90.4 million, down 3.2% year over year but about $6.8 million higher than the average analyst estimate. Revenue was up about 14% from the second quarter. Image source: Getty Images. Revenue from subscriptions soared 74% year over year to $17.9 million, while revenue from subscriptions and maintenance together jumped 11.6% to $48.7 million. The number of paid cloud-enabled software subscriptions reached 269,000 at the end of the quarter, up 58% year over year. The bottom line also beat expectations, with Avid reporting adjusted earnings per share of $0.27. That's up from $0.10 in the prior-year period and $0.13 higher than the average estimate. Free cash flow turned positive, coming in at $15.5 million for the quarter. Now what Avid's customers are exposed to the pandemic, but the company is now starting to see the beginning of a demand turnaround in its non-recurring business. At the same time, the subscription portion of the business continues to grow swiftly, partially offsetting non-subscription weakness. Including Thursday's gain, shares of Avid are up about 9% so far this year. 10 stocks we like better than Avid TechnologyWhen 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 Avid Technology 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 Timothy Green 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