Atlassian shares slide in US despite ‘flat tack’ quarterly result

Shares in Australian workplace software company Atlassian have tumbled nearly 10 per cent in after-hours trading in the US after the company underwhelmed investors with its outlook for the rest of the fiscal year.

Atlassian, which makes a suite of enterprise software products including project management tool JIRA, generated revenue of $US309 million ($430 million) for the March quarter, up 38 per cent on the same period a year earlier.

Mike Cannon-Brookes is the co-founder and co-CEO of Atlassian.Credit:Louie Douvis

“Atlassian is driving flat tack (Australian speak for ‘at maximum speed’) towards the future as we work to unleash the potential of every team,” co-chief executives Mike Cannon Brookes and Scott Farquhar said in a letter to shareholders.

The company posted a quarterly loss of $US203 million, or $US0.85 a share. However, that includes a $US173 million non-cash charge relating to convertible notes the company issued, which had increased in value due to its rising share price.


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