Why Atlassian Stock Jumped 15.8% Today
Shares of Atlassian (NASDAQ: TEAM) is having a "bonzer" (Australian for "good") day on the market today. Share prices rose as much as 15.8% before backing down to a milder gain of 7.6% as of 11:45 a.m., EDT. A fantastic first-quarter earnings report triggered the Australia-based software company's big jump.
In the first quarter of fiscal year 2022, Atlassian's sales rose 34% year over year to land at $614 million. As a result, adjusted earnings jumped 53% higher to $0.46 per diluted share. Your average analyst would have settled for earnings of roughly $0.40 per share on revenue near $582 million. This was not a small surprise to the upside.
For this report, management updated its definition of customers, narrowing the term to those with an active subscription or maintenance agreement. The change primarily excludes single-user Trello accounts. Under this new definition, Atlassian's customer count rose by 5.7% sequentially and 30% year over year, landing at 216,500 accounts.
Source Fool.com
