Why Atlassian Shares Are Rising

Atlassian Corporation PLC TEAM shares are trading higher by 11.7% at $325 after the company reported better-than-expected second-quarter EPS and sales results and issued third-quarter sales guidance above estimates.

Atlassian reported quarterly earnings of 50 cents per share which beat the analyst consensus estimate of 39 cents per share. The company also reported quarterly sales of $688.53 million which beat the analyst consensus estimate of $641.32 million by 7%.

"Q2 was another strong quarter for Atlassian with over 10,000 net new customers this quarter, 98% of which were in the Cloud," said Scott Farquhar, Atlassian's co-founder and co-CEO.

"We also saw subscription revenue grow 64% year-over-year, which reflects our continued investment in our Cloud platform and the strong focus and effort we have put in to helping our customers seamlessly move to Cloud," Farquhar stated.

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Atlassian produces software that helps teams work together more efficiently and effectively.

Atlassian has a 52-week high of $483.13 and a 52-week low of $198.80.