Why Atlassian Corporation Plc Stock Gained 37.6% in October

Why Atlassian Corporation Plc Stock Gained 37.6% in October

Shares of Atlassian Corporation Plc (NASDAQ: TEAM) gained 37.6% in October, according to data provided by S&P Global Market Intelligence. The movement was primarily driven by the company's better-than-expected first-quarter results. 

Image source: Altassian.

Atlassian reported earnings on Oct. 19 and gave shareholders plenty to be happy about. The average analyst estimate had called for the enterprise software company to record adjusted profits of $0.09 per share, but actual adjusted profits came in at $0.12 per share -- a 20% improvement over the prior-year period. Sales also came in ahead of the market's expectations, increasing 42% year over year to reach roughly $194 million. 

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Source: Fool.com