Here's Why Atlassian Stock Sank Like a Rock Today
Shares of (NASDAQ: TEAM) sank on Friday after the enterprise collaboration software company reported results for its fiscal 2024 third quarter. As of 2:25 p.m. ET, Atlassian stock was down about 9.9%.
In the period, which ended March 31, Atlassian generated revenue of almost $1.2 billion, which was up 30% year over year and ahead of the expectations of most analysts. Moreover, the company generated cash from operations of $565 million, which was up an impressive 60%. But most analysts are lowering their outlook for Atlassian stock nonetheless because there's important context with some of the numbers.
Atlassian is a software company focused on enterprise migration to the cloud. But according to The Fly, Oppenheimer analyst Ittai Kidron has pointed out that the company's fiscal Q3 numbers were supported by better-than-expected results from its data center and marketplace segments.
Source Fool.com
