Atlassian Corp (NASDAQ:TEAM) reported better-than-expected financial results for the fiscal second quarter after the market close on Thursday.

Atlassian reported second-quarter revenue of $1.29 billion, beating analyst estimates of $1.24 billion, according to Benzinga Pro. The company reported second-quarter adjusted earnings of 96 cents per share, beating analyst estimates of 76 cents per share.

"The Atlassian System of Work is resonating with enterprises all over the globe, as business leaders increasingly turn to the Atlassian platform to help teams across their organization collaborate on the opportunities and challenges they face," said Mike Cannon-Brookes, co-founder and CEO of Atlassian.

Atlassian said it expects third-quarter revenue to be in the range of $1.345 billion to $1.353 billion. Cloud revenue is expected to grow 23.5% in the third quarter, data center revenue is expected to grow 7% and marketplace and other revenue is expected to be approximately flat.

The company also raised its fiscal year 2025 revenue growth expectations to a range of 18.5% to 19%, up from a range of 16.5% to 17% at the end of the company's fiscal first quarter.

Atlassian shares fell 1.6% to close at $266.95 on Thursday.

These analysts made changes to their price targets on Atlassian following earnings announcement.

• Mizuho analyst Gregg Moskowitz maintained Atlassian with an Outperform and raised the price target from $285 to $355.
• Morgan Stanley analyst Keith Weiss maintained Atlassian with an Overweight and raised the price target from $315 to $370.

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