Atlassian jumps to 9-month high after raising FY25 revenue growth forecast

Atlassian

01/11/2024 16:35

** Shares of enterprise software developer Atlassian Corp
 TEAM.O  soar 19% to $224.29, highest since February 
    ** Company raised its FY25 revenue growth forecast on
Thursday, expecting higher demand from enterprise clients for
its cloud software 
    ** Sees FY25 revenue growth to be between 16.5% and 17% vs
earlier expectations of about 16%
    ** Expects Q2 revenue of $1.23 bln to $1.24 bln vs est. of
$1.23 bln, according to data complied by LSEG
    ** TEAM reported Q1 revenue of $1.19 bln vs est. of $1.16
bln 
        ** Brian Duffy, former SoftwareOne CEO, will join as
chief revenue officer, effective January - TEAM
  
    ** At least 15 brokerages raise PT
    ** Brokerage Oppenheimer says they are bullish on results,
looking forward to Duffy's imprint on sales and ramping
enterprise cross-sell activities
        ** Including session's move, stock has fallen 5.7% YTD
  

 (Reporting by Ragini Mathur)
 ((Ragini.Mathur@thomsonreuters.com;))