Shares of collaboration software company Atlassian fall after third-quarter loss
Shares of Australian collaboration and application software company Atlassian Corp. PLC fell late in trading today after reporting a loss in its latest quarter.
For the third fiscal quarter ended March 31, Atlassian reported a net loss of $31.1 million, or 12 cents per share, compared to profit of $159.8 million, or 63 cents per share, in the same quarter. from last year. Revenue rose 30% to $740.5 million. Adjusted for International Financial Reporting Standards, earnings were 47 cents per share.
Analysts had predicted adjusted earnings of 32 cents per share on revenue of $701 million.
Highlights of the quarter include the launch of Atlassian Analytics, a service designed to allow customers to create personalized interactive dashboards that provide insights into workflows across projects and products. On the work management side, Atlassian launched Atlas, a teamwork directory that “connects the dots” between teams, their tools and their work so that everyone in the company can find the information they need to move forward. his projects.
“We now have our sights set on $10 billion in annual revenue based on our current markets and products,” Atlassian co-founder and co-CEO Mike Cannon-Brookes (pictured) said in a statement. “Atlassian has 20 years of experience growing our ambition and we have never been more excited about the opportunities before us.”
Cannon-Brookes is a noted climate activist who loves to gamble. He recently made headlines after it was revealed he lost A$1 million ($710,000) unsuccessfully betting on the outcome of the last Australian federal election.
Looking ahead, Atlassian forecasts a net loss per diluted share of 40 cents and adjusted earnings of 24 cents per share. The company’s fourth fiscal quarter revenue is expected to be between $710 million and $725 million. Analysts had predicted adjusted earnings per share of 30 cents on revenue of $689 million.
Of all the stats, Atlassian only missed its projected earnings, but that was enough to scare off investors. Atlassian shares were down more than 6% after the bell.
Loss isn’t the only problem Atlassian faces. TechRepublic recently reported that hundreds of customers were affected by an outage in Jira, Atlassian’s bug tracking system. The outage took two weeks to resolve, with customers described as frustrated, including over an alleged lack of communication from Atlassian.