Atlassian Stock Tumbles After Q2 Report: Here's What's Moving The Stock After Hours
Portfolio Pulse from Ryan Gustafson
Atlassian Corporation (NASDAQ:TEAM) shares fell in after-hours trading despite reporting Q2 earnings and sales above analyst expectations. Earnings per share were 73 cents, surpassing the consensus of 62 cents. Sales reached $1.06 billion, above the expected $1.02 billion. Subscription revenue grew by 31% year-over-year to $932 million. The company also provided positive Q3 guidance and full-year cloud revenue growth estimates. Despite these results, TEAM shares dropped 9.38% to $231.00 in after-hours.
February 01, 2024 | 9:43 pm
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Atlassian Corporation reported higher than expected Q2 earnings and sales, with significant growth in subscription revenue and positive future guidance. However, shares dropped 9.38% in after-hours trading.
Despite Atlassian's positive earnings report and optimistic future guidance, the stock price fell significantly in after-hours trading. This could be due to market expectations already pricing in the positive results or concerns about future growth sustainability. The sharp drop in after-hours trading indicates a negative short-term impact on the stock price, despite the company's strong performance.
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