Atlassian (TEAM) Q2 Earnings: What To Expect
Stock Story
Published Jan 31, 2024 02:01
Updated Jan 31, 2024 05:49
Atlassian (TEAM) Q2 Earnings: What To Expect
Stock Story -
IT project management software company, Atlassian (NASDAQ:TEAM) will be announcing earnings results tomorrow after market close. Here's what to expect.
Last quarter Atlassian reported revenues of $977.8 million, up 21.1% year on year, beating analyst revenue expectations by 1.3%. It was a mixed quarter for the company, with a narrow beat of analysts' revenue estimates but underwhelming revenue guidance for the next quarter.
Is Atlassian buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Atlassian's revenue to grow 17.3% year on year to $1.02 billion, slowing down from the 26.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.63 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 3.2%.
Looking at Atlassian's peers in the productivity software segment, only ServiceNow has so far reported results, delivering top-line growth of 25.6% year on year, and beating analyst estimates by 1.5%. The stock traded up 1.1% on the results.
Read the full analysis of ServiceNow's results on StockStory. There has been positive sentiment among investors in the productivity software segment, with the stocks up on average 3.9% over the last month. Atlassian is up 12.5% during the same time, and is heading into the earnings with with analyst price target of $248.4, compared to share price of $255.
The author has no position in any of the stocks mentioned.
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Written By: Stock Story
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