Atlassian stock rises on earnings beat

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Atlassian Corp.
TEAM,
+4.47%
shares rose in the extended session Thursday after the business software company’s quarterly results topped Wall Street estimates. Atlassian shares rose 5% after hours, following a 4.5% rise in the regular session to close at $227.02. The company reported a fiscal second-quarter loss of $621.5 million, or $2.49 a share, versus net income of $124.1 million, or 49 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 37 cents a share, flat from the year-ago period. Revenue rose to $501.4 million from $408.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast 32 cents a share on revenue of $471.6 million. Atlassian forecast adjusted earnings of 20 cents to 21 cents a share on revenue of $475 million to $490 million for the third quarter. Analysts had estimated 25 cents a share on revenue of $472 million.

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