Why Atlassian Stock Jumped 31% Friday Morning
Shares of Atlassian (NASDAQ: TEAM) skyrocketed as much as 31% higher on Friday, following the release of impressive fourth-quarter results. By 12:50 p.m. EDT, the business software stock had calmed down somewhat to a gain of 22.6%.
Atlassian's fourth-quarter sales rose 30% year over year, stopping at $60 million. Adjusted earnings fell from $0.25 to $0.24 per diluted share. Your average analyst would have settled for earnings of roughly $0.18 per share on revenue near $524 million. In other words, the collaboration software specialist beat the Street's targets by a wide margin. Furthermore, the company added 23,300 net new customers in the fourth quarter, boosting the customer count by 36% compared to the year-ago period.
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Source Fool.com
