Shares for Software Giant Atlassian Slump, Wiping Billions From Company in Minutes

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Shares for Software Giant Atlassian Slump, Wiping Billions From Company in Minutes

Sydney Morning Herald2022-11-04

Shares in Australian software giant Atlassian have slumped overnight, with the company registering a swing to an annual reporting loss while posting earnings and revenues below market expectations....

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·2022-11-04
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Nasdaq Credit: SuppliedIn a letter to shareholders Atlassian, which provides team collaboration and productivity software and which last month announced an intention to hire 1000 new research and development staff, said companies across every industry were battling challenging economic conditions.They noted two trends: the reduction in the rate of free users converting to paid plans, which begun in the last quarter, had become “more pronounced,” and the rate of paid user growth from existing customers had slowed.“Companies in nearly every industry are facing economic headwinds, and we’re beginning to see the impacts on our business,” the letter to shareholders said.But they said they had not witnessed any overall changes to their competitiveness or the demand of Atlassian’s products.“Looking across our customer base of 249,000, there has been no overall decrease in usage or change in churn.”“The above two trends are the result of companies tightening their belts and slowing their pace of hiring.”“In other words, Atlassian is not immune to broader macro impacts.”They said the current climate afforded new opportunities for the company to flourish.“Turbulent markets provide an opportunity to shake up the leaderboards, and we are poised to play offence in this environment,” Atlassian said.As of Friday morning, Atlassian’s shares had dropped 22 percent to US $136, while in the year to date shares in the company are already down by more than 50 percent.Farquhar and Cannon Brookes reportedly held 43 percent of the company’s shares in August, however planned to sell a percentage of them.Atlassian, which is based in Sydney, is response for the creation of software tools such as Jira, Confluence and HipChat.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9984312103,"gmtCreate":1667533497003,"gmtModify":1676537933436,"author":{"id":"3576473170723132","authorId":"3576473170723132","name":"QJ89","avatar":"https://static.tigerbbs.com/4b2402c2dd479e8297797f08c7c87d8c","vip":1,"crmLevel":5,"crmLevelSwitch":0},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9984312103","repostId":2280523109,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":21,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}