Shares of Atlassian (NASDAQ:TEAM) experienced a remarkable surge of more than 18% intra-day today, following the software company's impressive Q4 results.

Atlassian's reported adjusted EPS stood at $0.57, with a revenue of $939.1 million. These figures surpassed analyst expectations, who had anticipated an EPS of $0.45 on revenue of $915.7 million. Notably, sales witnessed a substantial 24% year-over-year increase, with subscription revenue soaring by an impressive 34%.

Looking ahead, the company projects revenue for this quarter to be around $960 million. This forecast exceeds the market consensus of $953.3 million. Furthermore, Atlassian is targeting a cloud growth rate of 25-30% for the full year of 2024, a key factor driving the strength of the stock after the earnings report.