Why Atlassian Stock Stands Strong Today

Shares of collaboration software specialist (NASDAQ: TEAM) lifted its weight with authority on Friday. Following a robust fiscal fourth-quarter earnings report, Atlassian's stock rose as much as 24.8% at the market open. The gain cooled down to a still-impressive 19% by 12:30 p.m. ET.

Atlassian's adjusted fourth-quarter earnings more than doubled year over year, rising from $0.27 to $0.57 per diluted share. Top-line sales jumped 23.5% higher, landing at $939 million.

The analyst consensus had called for earnings near $0.43 per share on revenue of roughly $911 million, sticking close to management's guidance figures. The company breezed past those projections with ease.

Source Fool.com