Why Shares of Atlassian Are Jumping Today

Shares of collaboration software provider Atlassian (NASDAQ: TEAM) surged on Friday after the company's fiscal first-quarter results blew past analyst estimates. Revenue soared more than 40% year over year as the company surpassed 100,000 paying customers for the first time. Atlassian stock was up about 22.5% at 11:20 a.m. EDT.

Atlassian reported first-quarter revenue of $193.8 million, up 42% year over year and $8 million higher than the average analyst estimate. The company had 107,746 customers on an active subscription or maintenance agreement at the end of the quarter. About 4,246 net new customers were added during the quarter, with 14,263 more customers added due to a change in pricing for its Bitbucket Cloud product.

Atlassian's Confluence app. Image source: Atlassian.

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Source: Fool.com