Atlassian Corp. (TEAM), a provider of productivity software solutions, Thursday reported strong revenue growth for the second quarter, with positive contributions from all business segments. Consequently, earnings increased and topped estimates, sending the stock soaring in the after-hours trading.
Adjusted earnings, on a non-IFRS basis, moved up to $61.7 million or $0.25 per share from $32.0 million or $0.13 per share in the prior-year quarter. Analysts had forecast a slightly lower profit. On an unadjusted basis, the company reported earnings of $0.18 per share, compared to a loss of $0.28 per share a year earlier.
At $299 million, revenues of the tech firm were up 39% compared to the second quarter of 2018 and far above the consensus estimate. All the four business units registered growth, with the largest contributor being the subscription segment.
All four business units registered growth during the quarter, with the largest contributor being the subscription segment
The performance in the second quarter benefitted from the addition of more than 6,500 customers, which included clients who joined as a result of Atlassian’s acquisition of Opsgenie. The company closed the acquisition in October last year for $295 million.
“The quarter highlighted the growing demand for Atlassian products to drive digital transformation in businesses large and small. Our flagship product, Jira Software, surpassed 65,000 customers, and we ended the quarter with more than 138,000 total customers, underscoring the growth opportunity for Jira just within our installed base,” said Atlassian co-CEO Scott Farquhar.
For the third quarter, the management expects a net loss of $0.14 per share on a reported basis and a net income of $0.18 per share on an adjusted basis. Revenue is estimated to be in the range of $303 million to $305 million.
For the whole of 2019, the company forecasts adjusted earnings between $0.81 per share and $0.82 per share and net loss of $1.07-$1.06 per share on an unadjusted basis. Full-year revenues are expected to be $1.20 billion.
After descending from a record high, Atlassian shares are once again hovering near the peak. The stock, which surged about 76% in the past twelve months, gained 8% Thursday after the earnings report.
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