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TEAM, NET Stocks Rally Overnight After Earnings: Is ‘SaaSpocalypse’ Finally Fading?
The iShares Expanded Tech-Software Sector ETF (IGV), a widely followed benchmark for software stocks, gained 4.4% in July and has climbed more than 5% so far this month.
Atlassian CEO Mike Cannon-Brookes pledged to buy up to $250 million of the company's shares.
Atlassian Corp. (TEAM) and Cloudflare (NET) shares soared after their latest quarterly results and upbeat outlooks, signaling that software companies delivering strong financial performance are finally winning back investor support after enduring a stock rout for much of the year.
TEAM surged more than 30% in overnight trading on Thursday, while NET gained over 16% after both companies topped Wall Street expectations for their latest quarterly results.
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