Why Atlassian Stock Is Winning This Week
Enterprise software developer Atlassian (NASDAQ: TEAM) was developing quite the bull following this week. Although the quarterly results it posted on Thursday were mixed, investors found them encouraging enough to drive the stock higher. As of Friday before market open, according to data compiled by S&P Global Market Intelligence, the shares had risen by 11% week-to date.
For its second quarter of fiscal 2023, Atlassian's revenue amounted to $873 million. That was 27% higher on a year-over-year basis, although it didn't quite reach the average analyst estimate of slightly over $877 million.
That wasn't the case with profitability, however. On the bottom line, Atlassian's non-GAAP (adjusted) net income was a bit under $115 million ($0.45 per share). While this was only a 4% improvement on the second quarter of 2022's result, those analysts were collectively projecting the specialty tech company would net $0.43 per share.
Source Fool.com
