Atlassian Earnings Top Estimates Amid High Bar For Software Stocks | Investor's Business Daily
Atlassian earnings and revenue topped fiscal first-quarter analyst estimates on Thursday while the company's profit forecast edged by Wall Street targets. Atlassian stock fell on the news in extended trading amid worries over corporate spending in 2020 that have pressured software stocks.
The enterprise software maker's earnings rose 40% vs. a year earlier to 28 cents a share adjusted. Atlassian's ( TEAM) revenue climbed 36% to 363.4 million.
A year earlier, Atlassian earned 20 cents a share on sales of $267.3 million. Analysts expected Atlassian earnings of 24 cents a share on revenue of $351.8 million for the period ended Sept. 30.
For the current quarter, Atlassian forecast profit of 27 cents on revenue of $388 million at its midpoint of guidance vs. estimates of 26 cents and sales of $381.5 million.
Atlassian stock fell 3% to 118.90 in extended trading on the stock market today. Atlassian stock ranks No. 12 in the IBD 50 roster of fast-growing companies.
Atlassian sells project-management and collaborative software for software developers and tech department engineering teams. Founded in Sydney in 2002, Atlassian gets two-thirds of its revenue from Jira project-tracking tools and its Confluence document-collaboration software.
Many software stocks have corrected from 52-week highs amid bearish views on 2020 corporate spending.Follow Reinhardt Krause on Twitter @reinhardtk_tech YOU MAY ALSO LIKE: Netflix Stock Gets Reprieve Ahead Of 'Streaming Wars' Taiwan Semiconductor Beats Q3 Forecasts, Signals Chip Industry Upswing Check Out IBD's Stock Of The Day See Stocks Just Added To - And Cut From - IBD's Top Screens IBD Digital: Unlock IBD's Premium Stock Lists, Tools And Analysis Today for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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