Shares of Atlassian Corporation PLC surged 24.36% in pre-market trading Friday, marking a significant rebound for the workflow software firm.
The sharp upward movement was driven by the company's third-quarter fiscal 2026 results, which substantially exceeded analyst expectations on both earnings and revenue. Atlassian reported adjusted earnings per share of $1.75, beating consensus estimates of approximately $1.32-$1.33. Revenue came in at $1.787-$1.79 billion, surpassing expectations of $1.69-$1.696 billion and representing approximately 32% year-over-year growth.
Furthermore, management raised its annual revenue growth forecast to about 24%, up from the previous guidance of 22%. The company attributed the strong performance to robust demand for its cloud-based products, with cloud revenue growing 29%, and to customers signing larger, longer-term commitments while adopting its AI-powered platform features.