What happened

Shares of Atlassian (NASDAQ:TEAM) gained 22.2% last month, according to data from S&P Global Market Intelligence. The maker of business collaboration software reported second-quarter results near the end of the month, sending Atlassian's stock 10.7% higher the next day alone.

So what

Atlassian's adjusted second-quarter earnings rose 48% year over year to land at $0.37 per share. Revenue increased by 37% to $409 million. Your average Wall Street analyst would have settled for earnings near $0.25 per share on sales in the vicinity of $389 million.

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Image source: Getty Images.

Now what

The bottom-line result was actually a bit too good for management's own tastes. The company aims to maximize its top-line growth above all else, so it was sort of disappointing to see operating margins coming in at all-time highs. Atlassian would have hired more R&D engineers if it had seen that there was a top-line windfall coming in. The excessive operating margin was tagged as an "area for improvement" in the coming quarters. That's a nice problem to have and investors embraced the earnings report, hyper-efficient warts and all.

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