- Atlassian Corp TEAM reported first quarter revenue growth of 31% year over year to $807.4 million, beat the consensus of $806.4 million. Subscription revenue grew 50% year over year to $651 million.
- Non-GAAP operating margin was 18%.
- Earnings per share of $0.36 missed consensus of $0.38.
- Scott Farquhar, co-founder and co-CEO of Atlassian said, “Despite the turbulent macroeconomic environment we find ourselves in, we are confident in the incredible long-term opportunities ahead and our ability to capitalize on them.”
- “We have the right products, the right leaders, and the right strategies to emerge from this downturn in a much stronger market position.”
- Atlassian expects Q2 revenue to be between $835 million and $855 million, below consensus of $879.2 million.
- It projects a non-GAAP operating margin of 13%.
- Piper Sandler Analyst James Fish has downgraded Atlassian from overweight to neutral.
- Mizuho Analyst Gregg Moskowitz stuck to a buy, lowering the price target to $255 from $320.
- Goldman Sachs Analyst Kash Rangan stuck to a buy, lowering the price target to $265 from $300.
- Macquarie Analyst Frederick Havemeyer downgraded to neutral from outperform and lowered the price target to $147 from $287.
- BMO capital Analyst Keith Bachman kept a market performance and lowered the price target to $160 from $295.
- Price promotion: TEAM shares traded 28.4% lower at $124.80 on the last check Friday.
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