When trading resumes today, Atlassian's stock is expected to soar after the software as a service provider reported good results, defying concerns about a slowdown.

The company announced earnings per share of $.46 in the first quarter of fiscal 2022, above projections of $.4 per share, and revenue of $614 million, well-exceeding expectations of $583.84 million.

The company's shareholder letter boasted, "Revenue from our Cloud products was up more than 50% year over year, delivering revenue growth of 34% year over year." The company's subscription revenue increased by 56.7 percent, while maintenance revenue remained relatively stable, indicating the company's reliance on the cloud.Logos - Foundations - Atlassian Design System

Atlassian expects $630-$645 million in revenue in Q2 FY 2022 (calendar year Q4 2021), with an 82 percent gross margin and adjusted net income of $.35-.38 per share. For the next quarter, revenue is significantly ahead of analyst estimates.

In addition, Atlassian stated that James Beer, the firm's CFO, will leave the position in June 2022 after a little over four years with the company. Atlassian has started looking for a replacement from the outside.

Atlassian is known for its office software solutions such as Jira, Trello, Confluence, and others. With peers like Twilio and ServiceNow reporting earnings beats but seeing diverse reactions - Twilio fell, while ServiceNow surged - it's unclear what investors are expecting from the industry as earnings season heats up in the coming weeks.