Why Atlassian (TEAM) Shares Are Exploding Higher

Atlassian Corp TEAM shares are trading higher by 20.68% to $204.74 Friday morning following strong fourth-quarter results. The company also received a number of analyst rating updates following the earnings print.

What Happened: Atlassian reported earnings of 57 cents per share, exceeding the analyst consensus estimate of 43 cents. This represents a notable 111% increase in earnings compared to the same period last year when the company earned 27 cents per share.

Moreover, the company reported quarterly sales of $939.10 million, surpassing the analyst consensus estimate of $911.23 million by 3%.

This sales figure represents a robust 24% increase in sales compared to the same period last year when Atlassian generated $759.84 million in sales.

What Else: Atlassian's co-founders and co-CEOs, Scott Farquhar and Mike Cannon-Brookes, expressed confidence in their strategy and highlighted the company's strong momentum in cloud migrations, enterprise sales, and the ITSM market.

They reported generating over $3.5 billion in revenue for the year and serving more than 250,000 customers on their cloud platform.

According to data from Benzinga Pro, TEAM has a 52-week high of $300.29 and a 52-week low of $113.86.