Atlassian Corporation Reports Second Quarter Financial Results | Financial Buzz

Atlassian Corporation Reports Second Quarter Financial Results

Atlassian Corporation Plc (NASDAQ: TEAM) reported financial results for the second quarter.  Revenue for the second quarter reached USD 408.7 Million, up from USD 299 Million a year ago.  Operating income amounted to USD 41.8 Million compared to an operating loss of USD 3.2 Million a year ago. 

“We had a strong quarter, growing revenue 37% year-over-year and generating record profitability and free cash flow,” said Scott Farquhar, Atlassian’s co-founder and co-CEO.“Subscription revenue grew 50% year-over-year, underscoring the progress we continue to make in our cloud-first strategy. This is just another small step on our long-term journey to build an enduring company.” “This quarter, the Atlassian Marketplace crossed $1 billion in lifetime sales,” said Mike Cannon-Brookes, Atlassian’s cofounder and co-CEO.“ We built on that momentum and launched Forge, our new cloud app development platform.Forge reduces the cost and complexity for developers to build cloud apps for their own teams and the broader Atlassian customer base.”

President of the company, Jay Simons will step down in July 2020.  “It’s been such a privilege to be part of a company that has positively impacted millions of teams from hundreds of thousands of organizations,” said Simons. “And Atlassian is just getting warmed up. I’m proud to have played a small part in helping build such a durable culture and business model.” “It has been an honor to work alongside Jay, who is an invaluable partner, mentor and friend,” said Mike CannonBrookes. “Jay has been a foundational steward of our organization and culture.” “As the architect of our go-to-market model, part of Jay’s legacy was transforming us into a company with global impact across more than 160,000 customers, 4,000 employees, and approaching $1.6 billion in revenue,” said Scott Farquhar. “Atlassian has never been better positioned for success, and we look forward to continuing to grow with the frictionless business model that Jay helped build.”

Shares of Atlassian Corporation reached a new 52-week high of USD 150.59 on Friday.