Atlassian (TEAM) comes ahead of Street estimates in Q1 but shares tumble

StreetInsider04-26

Shares of Atlassian (NASDAQ: TEAM) tumbled over 6% in after-hours trading Thursday even though the company’s financial results for the fiscal Q3 beat analyst estimates.Atlassian reported third-quarter...

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The company's revenue for the quarter reached $1.19 billion, surpassing the projected $1.06 billion.Looking ahead, Atlassian has provided guidance for the fourth quarter of 2024, projecting revenues between $1.12 billion and $1.135 billion, which exceeds the consensus forecast of $1.105 billion. The company also anticipates a 32% year-over-year growth in cloud revenue and expects data center revenue to increase by 40% to 42%.Moreover, Atlassian expects a gross margin of approximately 81.0% on a GAAP basis and about 83.5% on a non-GAAP basis. The operating margin is projected to be around (7.0%) on a GAAP basis and approximately 18.5% on a non-GAAP basis.“It’s been a milestone quarter for Atlassian,” said Mike Cannon-Brookes, co-founder and co-CEO.“Today, Atlassian is a cloud-majority company. We have over 300,000 customers using our Cloud products and have seen a 3x increase in paid seats in Cloud since we announced end-of-support for Server three and a half years ago.”Atlassian also announced that Scott Farquhar has decided to step down as co-CEO of the company. His tenure will conclude on August 31, 2024. Following his departure from the role, Farquhar will remain involved with the company as a member of the Board of Directors and will also serve as a special advisor. 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