Why the Nitro (ASX:NTO) share price is surging 6% higher today

In morning trade, the Nitro Software Ltd (ASX: NTO) share price is surging higher.

At the time of writing, the global document productivity software company’s shares are up over 6% to $3.14.

Why is the Nitro share price surging higher?

This morning Nitro released its first quarter update. As you might have guessed from the Nitro share price performance, it was strong performer during the quarter, reporting growth across all key metrics.

At the end of the quarter, the company’s annual recurring revenue (ARR) was 66% higher than the same time last year.

And while it hasn’t provided the actual ARR figure, this growth rate is well ahead of what is required to achieve its FY 2021 ARR guidance. That guidance is for ARR of between…