Atlassian stock pops after revenue beat

Shares of Atlassian Corp. PLC TEAM, +2.34% were up more than 10% in after-hours trading Thursday after the software company beat revenue expectations for its most recent quarter. The company posted a fiscal fourth-quarter net loss of $105.5 million, or 41 cents a share, compared with a loss of $213 million, or 85 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 27 cents a share, up from 24 cents a share in the year-before period and matching the FactSet consensus. Revenue increased to $759.8 million from $559.5 million, while analysts had been looking for $723.3 million. “We believe that Atlassian is uniquely positioned, with great momentum and a differentiated business model,” Co-Chief Executive Mike Cannon-Brookes said in a release. For the full fiscal year ahead, Atlassian executives expect that cloud revenue will continue to be the main driver of the company’s growth. They anticipate that cloud revenue growth will be “relatively consistent over the course of FY23.” The company also announced that Joe Binz would be joining the company as chief financial officer starting Sept. 6. He has been Microsoft Corp.’s MSFT, +0.42% corporate vice president for finance since 2014. Atlassian shares have fallen 1.8% over the past three months as the S&P 500 SPX, -0.08% has lost 0.6%.