Shares of Concur are down more than five percent in trading today despite the fact that the company beat its expectations for revenue, cash flow and other financial metrics during its fiscal third quarter.

“Our core business continues to perform ahead of our expectations across all geographies and channels,” said CEO Steve Singh in a statement. The Redmond maker of travel and entertainment and expense management software now boasts a market value of $3.5 billion.

Shares of Concur are up 25 percent so far this year.

Concur posted revenue of $113.2 million, up more than 26 percent over the same period last year. Revenues also were up more than four percent over the previous quarter.  Net income was $6.9 million, compared to net income of $2.3 million. The company said it plans to end 2012 with an annual revenue run rate of $500 million.

“We are pleased with the progress we are making against our investment objectives,” Singh said.

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