Atlassian stock rallies on first-quarter forecast, estimate-beating fourth-quarter results

Shares of Atlassian Corp. (TEAM) raced 16.2% higher after hours on Thursday after the workplace-collaboration cloud software developer forecast fiscal first-quarter sales that were above Wall Street's estimates. The company said it expected first-quarter sales of $950 million to $970 million, above FactSet forecasts of $954 million. And it said it expected full-year cloud revenue growth of 25% to 30%, following a pullback in IT spending through the past year. For the fourth quarter, Atlassian reported a net loss of $59 million, or 23 cents a share, compared with a net loss of $90.6 million, or 36 cents a share, in the same quarter last year. Revenue rose 24% to $939.1 million from $759.8 million in the prior-year quarter. Adjusted for stock-based compensation, amortization and income tax adjustments, Atlassian earned 57 cents a share. Analysts polled by FactSet expected adjusted earnings per share of 44 cents, on revenue of $914.8 million.

-Bill Peters

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08-03-23 1700ET

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