Shares of Atlassian Corp. (TEAM) - Get Atlassian Corp. Plc Class A Report were rising 24% Friday as the Australian workflow management software company reported fourth-quarter results that topped analyst estimates.
The Sydney company reported a fiscal fourth-quarter loss of $213.1 million, or 85 cents per share, compared with a loss of $385.2 million, or $1.56 per share a year ago.
Adjusted earnings of 24 cents per share topped analyst estimates of 18 cents per share.
"Our Q4 was a ripper of a quarter - as we Aussies say - as we added over 23,000 new customers, grew subscription revenue 50% year-over-year, and continued to see cloud momentum build," said co-CEO Mike Cannon-Brookes.
Revenue rose to $559.5 million from $430.5 million a year ago versus analyst estimates of $471.6 million.
Atlassian forecast adjusted earnings between 38 cents and 39 cents per share on revenue between $575 million and $590 million for the first quarter.
Analysts are expecting earnings of 30 cents per share on revenue of $539.1 million.
Atlassian, which competes with the likes of Salesforce (CRM) - Get salesforce.com, inc. Report, Slack, and Microsoft Teams (MSFT) - Get Microsoft Corporation (MSFT) Report, surpassed 200,000 customers and $2 billion in revenue during the fiscal year.
"Looking ahead to fiscal 2022 and beyond, the opportunities in front of Atlassian have never been greater," said Scott Farquhar, Atlassian’s co-founder and co-CEO.
The firm expects to see gains in its three core markets: agile development; IT service management; and team work management.
Atlassian reported an operating loss of $7.5 million for the quarter, up from a loss of $3.3 million a year ago. Despite the year-over-year dollar increase, the operating margin loss remained 1%.
Atlassian shares jumped 24% to $331.96 per share Friday at last check.