TEAM - Why Did Atlassian Stock Drop 12% in April
2024-05-08 18:33:37 ET
Shares of Atlassian (NASDAQ: TEAM) fell 11.7% last month, according to data from S&P Global Market Intelligence . The stock dropped rapidly after its quarterly earnings report. Investors raised concerns about future growth potential, and the departure of a key executive contributed to the sentiment.
Atlassian reported 30% revenue growth, with 41% expansion of subscription revenue. This translated to an impressive 59% free cash flow growth, reaching an all-time high of $555 million for the quarter.
These figures crushed analyst expectations -- the company's adjusted earnings per share (EPS) was roughly 20% higher than the Wall Street consensus. That's often good enough to send a stock higher, but investors were focused elsewhere in the report.
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Why Did Atlassian Stock Drop 12% in April