2024-04-26 14:38:10 ET
Shares of Atlassian (NASDAQ: TEAM) sank on Friday after the enterprise collaboration software company reported results for its fiscal 2024 third quarter. As of 2:25 p.m. ET, Atlassian stock was down about 9.9%.
In the period, which ended March 31, Atlassian generated revenue of almost $1.2 billion, which was up 30% year over year and ahead of the expectations of most analysts. Moreover, the company generated cash from operations of $565 million, which was up an impressive 60%. But most analysts are lowering their outlook for Atlassian stock nonetheless because there's important context with some of the numbers.
Atlassian is a software company focused on enterprise migration to the cloud . But according to The Fly, Oppenheimer analyst Ittai Kidron has pointed out that the company's fiscal Q3 numbers were supported by better-than-expected results from its data center and marketplace segments.
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Here's Why Atlassian Stock Sank Like a Rock Today