Atlassian stock jumped in extended trading on Thursday after the software maker reported fiscal first-quarter earnings and revenue that topped estimates. The company also forecast December quarter revenue ahead of views.
For the quarter ending Sept. 30, Atlassian (TEAM) said it earned 46 cents a share, up 53% from a year earlier. Analysts had projected Atlassian earnings of 40 cents per share.
Atlassian said revenue rose 34% to $614 million, ahead of views for $585 million in sales.
Founded in Sydney in 2002, Atlassian sells project management and collaborative software for software developers and information technology engineering teams.
Atlassian Stock: Shift To Cloud Business Model
For the December quarter, Atlassian said it expects total revenue in a range of $630 million to $645 million versus estimates of $621 million.
The software maker is transitioning to a cloud-computing business model. Atlassian is phasing out sales of on-premise software used in the data centers of corporate customers.
With cloud services, Atlassian aims to grow subscription revenue and rely less on licensing fees. The company’s project management and bug-tracking tools make it easier for developers to build, test and release software faster.
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