Shares in the Aussie tech darling have been pummelled on Friday morning, sliding more than 20 per cent in after hours trading.
Shares in Aussie tech darling Atlassian have been pummelled on Friday morning, sliding more than 20 per cent in after-hours trading on the Nasdaq, driven down by lower than expected earnings and a disappointing outlook.reported revenue growth of 31 per cent to $US807.4 million , slightly ahead of analyst consensus estimates according to Refinitiv, but for the second quarter, its projection of $US835 million to $US855 million in revenue was below the consensus of $879.2 million.
“Last quarter, we shared that we saw a decrease in the rate of Free instances converting to paid plans. That trend became more pronounced in Q1,” the company wrote in a shareholder letter.“This quarter, we started seeing a slowing in the rate of paid user growth from existing customers. The company stated that it had not seen any change in its competitive position, nor in the inherent demand for its products, but the business assumed the macroeconomic trends would continue and factored this into its outlook.
Atlassian said it would do this by scooping up top-tier talent, continuing its hiring spree in the next quarter, but said it would balance its investments with the growth of its business and be responsive to macroeconomic conditions.
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