Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Atlassian Soars on Positive 4Q and CFO Appointment

Stock Markets Aug 05, 2022 11:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Atlassian (TEAM) Soars on Positive 4Q and CFO Appointment

By Michael Elkins

Atlassian Corp. (NASDAQ:TEAM) soared in pre-market trading Friday and is currently up almost 14% mid-day after the company reported 4Q results and offered some forward-looking commentary on the earnings call.

The Australian software company reported 4Q adjusted EPS of $0.27, compared to EPS of $0.24 in the year-ago period, in line with what analysts were expecting. Revenue came in at $760 million, up 35% YoY, ahead of the consensus projection of $723 million.

TEAM reported an EBIT of 14.4%, below the analyst consensus of 15.3%. TEAM also announced Joe Binz as the new CFO. Binz will take over the position in September following a successful stint as Corporate VP of Finance at Microsoft (NASDAQ:MSFT).

A Raymond James analyst commented on the management change in a note saying that he believes “Binz’s background could serve TEAM well into the later stages of its cloud transition given Microsoft’s successful Azure business.”

Co-founder and co-CEO, Mike Cannon-Brookes projected confidence in the company during the call.

“We capped off fiscal year 2022 with strong Q4 results, growing Cloud revenue 55 percent year-over-year,” said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “We believe that Atlassian is uniquely positioned, with great momentum and a differentiated business model. While we can’t predict what the future holds at a macro level, we’re forging ahead with conviction and vigilance as we look to deepen our strategic position.”

Co-founder and co-CEO, Scott Farquhar spoke about the company’s pride in their hiring practices, seeing potential in TEAM’s future.

“Our strong competitive position provides us with the flexibility to invest purposefully and create value for our customers,” said Scott Farquhar, Atlassian’s co-founder, and co-CEO. “We’re proud of how we continue to execute against our long-term plans, which includes bringing on top-tier talent from across the globe. We added over 2,300 new Atlassians in fiscal year 2022, and they will be instrumental to helping us achieve our mission to unleash the potential of every team.”

TEAM management provided guidance for the 1st quarter in 2023 on the call. Total revenue is expected to be in the range of $795 million to $810 million. Net income per diluted share is expected to be approximately $0.37 to $0.38.

A Piper Sandler analyst offered positive comments on TEAM in a note saying he continues to view Atlassian as “a franchise name to own” with “potential for "beat and raises."

Atlassian Soars on Positive 4Q and CFO Appointment
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email