Atlassian Corporation Plc (NASDAQ: TEAM) announced financial results for the first quarter. Net income was USD 69.3 Million versus a net loss of USD 242.4 Million a year ago. Total revenue was USD 636.4 Million, a 36% increase from USD 267.3 Million a year prior. For the second quarter the company predicts total revenue to range from USD 386 Million to USD 390 Million. The company expects total revenue to be from USD 1.56 Billion to 1.574 Billion for Fiscal Year 2020.
“We’re out of the blocks in good form in fiscal 2020,” said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “We updated Atlassian’s Cloud platform in a big way with new Free and Premium editions. Our disruptive model continues to win new customers, both large and small, and these new editions offer them more choice and capabilities. Premium also showcases the increased sophistication of our enterprise cloud offerings, giving large companies the flexibility and the tools they need.”
“We are also excited to announce that Atlassian has acquired Code Barrel, the creator of Automation for Jira,” said Scott Farquhar, Atlassian’s co-founder and co-CEO. “Automation for Jira is already used by thousands of organizations to help them reduce repetitive work and unleash the potential of their teams. This acquisition is an important step as we continue to enhance our cloud products.”
Atlassian unleashes the potential of every team. Our team collaboration and productivity software helps teams organize, discuss, and complete shared work. Teams at more than 159,000 customers, across large and small organizations – including General Motors, Walmart Labs, Bank of America Merrill Lynch, Lyft, Verizon, Spotify and NASA – use Atlassian’s project tracking, content creation and sharing, and service management products to work better together and deliver quality results on time. Learn more about our products, including Jira Software, Confluence, Trello, Bitbucket, Opsgenie, Jira Service Desk, and Jira Align at https://atlassian.com/.