Earnings Results: Atlassian stock rallies on earnings beat

Atlassian Corp. shares surged in the extended session Thursday after the business collaboration software company’s quarterly results topped Wall Street consensus.

Atlassian TEAM, -0.74% shares rallied 10% after hours, following a 0.7% decline in the regular session to close at $290.89.

The company reported a fiscal second-quarter loss of $77.5 million, or 31 cents a share, compared with a loss of $621.5 million, or $2.49 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were 50 cents a share, compared with 37 cents a share in the year-ago period.

Revenue rose to $688.5 million from $501.4 million in the year-ago quarter.

Analysts surveyed by FactSet had forecast adjusted earnings of 39 cents a share on revenue of $641.3 million.

Atlassian forecast adjusted earnings of 29 cents to 31 cents a share on revenue of $690 million to $705 million for the third quarter. Analysts had estimated 41 cents a share on revenue of $663.4 million.

The company also said it acquired AI-powered virtual agent company for an undisclosed amount.

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