Atlassian Stock Tumbles After Q2 Report: Here’s What’s Moving The Stock After Hours

Atlassian Corporation (NASDAQ: TEAM) shares are trading lower in Thursday’s after-hours session following the company’s second-quarter results.

What To Know: Atlassian reported quarterly earnings of 73 cents per share, topping the analyst consensus estimate of 62 cents, a 62.22% increase over earnings of 45 cents per share from last year.

The company reported quarterly sales of $1.06 billion, which clocked in above analyst expectations of $1.02 billion, a 21.46% increase over sales of $872.70 million from the same period last year.

A closer look at the company’s revenue reveals that subscription revenue was $932 million, an increase of 31% year-over-year.

Also, cash flow from operations was $289.6 million, and free cash flow was $284.3 million.

View more earnings on TEAM

Atlassian issued third-quarter guidance, anticipating total revenue between $1.085 billion and $1.105 billion, versus the consensus of $1.07 billion. Full-year cloud revenue growth is estimated to be between 28.5% and 30.5% on a year-over-year basis, while Data Center revenue growth is estimated to be approximately 36.0%.

“Q2 was full of incredible milestones as we recorded our first-ever $1 billion revenue quarter, Jira Software crossed $1 billion in Cloud ARR, and we surpassed 300,000 customers,” said Scott Farquhar, Atlassian’s co-founder and co-CEO.

“We continued to execute well with quarterly revenue up 21% year-over-year, driven by subscription revenue growth of 31% year-over-year. While we are extremely proud of our accomplishments, we remain laser-focused on executing against our top strategic priorities: cloud migrations, serving enterprise customers, ITSM, and AI.”

Related Link: PlayStation Plus Members Score Marvel’s Spider-Man 2 Free Trial And 3 More Games

TEAM Price Action: Shares of Atlassian Corporation were down 9.38% at $231.00 in the after-hours session at the time of publication, according to Benzinga Pro.

Image by Elchinator from Pixabay

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