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Atlassian Stock Plunges as Business Software Company Issues Soft Guidance

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4 months ago

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Atlassian Stock Plunges as Business Software Company Issues Soft Guidance

Key Takeaways

  • The midpoint of Atlassian’s outlook for current-quarter revenue came up short of estimates, and it’s guidance for full-year growth is below last year’s growth.
  • The business software company’s fiscal 2024 fourth-quarter adjusted earnings and revenue were in line with forecasts.
  • Atlassian announced that Chief Sale Officer Kevin Egan was leaving the company to pursue other opportunities.

Shares of Atlassian (TEAM) sank as the business software provider posted disappointing guidance and announced its top sales executive is leaving the company.

Atlassian expects fiscal 2025 first-quarter revenue of $1.149 billion to $1.157 billion. It sees fiscal 2025 revenue growth of 16%, below the 23% gain in fiscal 2024.

The company reported fiscal 2024 fourth-quarter adjusted earnings per share (EPS) of $0.66, with revenue up 20.5% to $1.132 billion. Both were in line with forecasts.

Atlassian said that Chief Sales Officer Kevin Egan has decided to leave “and pursue other opportunities.” The company also explained that it was looking to hire a Chief Revenue Officer.

Atlassian shares were down nearly 18% in recent trading and were at their lowest level in more than a year.

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