Shares of Atlassian Corporation (NASDAQ: TEAM) soared 16.36% in after-hours trading on Thursday, following the company's better-than-expected fiscal second-quarter results and an upbeat outlook.
The collaboration software provider reported quarterly non-GAAP earnings of $0.96 per share for the quarter ended December 31, 2024, surpassing analysts' estimates of $0.76 per share. Revenue grew 21% year-over-year to $1.29 billion, beating the consensus estimate of $1.24 billion.
Atlassian's strong performance was fueled by robust demand for its cloud products and increasing adoption by enterprise customers. The company's cloud revenue grew 30% year-over-year, while its number of customers with over $10,000 in cloud annual recurring revenue (ARR) increased 15% from a year ago.
Driven by the solid second-quarter results, Atlassian raised its full-year revenue growth outlook to a range of 18.5%-19%, up from its previous guidance of around 18%. The company now expects cloud revenue growth of approximately 26.5% for fiscal 2025.
Atlassian's co-founder and CEO, Mike Cannon-Brookes, attributed the company's success to its focus on infusing AI throughout its cloud platform, enabling teams to accelerate collaboration and unlock organizational knowledge.
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