Atlassian shares jumped more than 20% on Friday after the software company topped Wall Street's expectations for the fiscal third quarter, reporting strong cloud growth and data center revenue.

Here's how the company did compared with LSEG estimates:

Earnings per share: $1.75 adjusted vs. $1.32 expected

Revenue: $1.79 billion vs. $1.69 billion expected

Atlassian's stock has been among the hardest hit by the "SaaS-pocalypse" this year, with shares down more than 45% year to date.

The phrase refers to the sell-off in technology stocks following the release of software built on top of artificial intelligence models from companies like OpenAI and Anthropic.…