Why Atlassian Shares Fell 13.5% Today

Shares of business software expert Atlassian (NASDAQ: TEAM) closed Friday's trading session 13.5% lower. The company posted analyst-stumping results for the third quarter of 2022, but the bears found enough motivation in a mixed slate of fourth-quarter guidance to take the stock down anyway.

Image source: Getty Images.

Your average analyst expected Atlassian to report adjusted earnings of roughly $0.32 per share on sales near $701 million in the third quarter. Instead, the company served up top-line revenues of $740 million and earnings of $0.47 per share. Revenues rose by 30% year over year, led by a 60% surge in cloud-based revenues.

Source Fool.com