Atlassian raises annual revenue growth forecast, shares up 14% (updated)

Atlassian

31/10/2024 20:23

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       Oct 31 (Reuters) - Atlassian  TEAM.O  raised its annual
revenue growth forecast on Thursday, anticipating growing demand
from enterprise clients for its cloud software, sending the
company's shares up 14% in extended trading.
    Businesses are moving their operations to the cloud,
prompting a surge in spending on products and services provided
by companies such as Atlassian to support their efforts.
    Clients are racing to capitalize on artificial intelligence
technology, which has also triggered demand for cloud-based
software provided by Atlassian.
    The Sydney, Australia-based company now expects fiscal year
2025 revenue growth between 16.5% and 17.0%, compared with its
earlier expectations of about 16%.
    Atlassian's revenue rose 21% to $1.19 billion in the three
months to September, beating analysts' average estimates of
$1.16 billion, according to data compiled by LSEG.

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Shailesh
Kuber)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))