Data · CNBC Technology
Atlassian stock rallies 29% after earnings show strong cloud, data center growth
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
Atlassian shares jumped more than 29% on Friday after the software company topped Wall Street's expectations for the fiscal third quarter, reporting strong cloud growth and data center revenue.
Key facts
- In March, Atlassian laid off about 10% of its workforce, or roughly 1,600 jobs, saying the move would allow it to "self-fund further investment in AI and enterprise sales, while strengthening
- Atlassian shares jumped more than 29% on Friday after the software company topped Wall Street's expectations for the fiscal third quarter, reporting strong cloud growth and data center revenue
- Atlassian's stock has been among the hardest hit by the "SaaS-pocalypse" this year, with shares down more than 45% year to date
- Atlassian CEO Mike Cannon-Brookes told CNBC on Thursday that the company saw "incredible strength" in its business during the quarter and that the concerns plaguing the broader software sector
Summary
Earnings per share: $1.75 adjusted vs. $1.32 expected. Atlassian's stock has been among the hardest hit by the "SaaS-pocalypse" this year, with shares down more than 45% year to date. The phrase refers to the sell-off in technology stocks following the release of software built on top of artificial intelligence models from companies like OpenAI and Anthropic. In March, Atlassian laid off about 10% of its workforce, or roughly 1,600 jobs, saying the move would allow it to "self-fund further investment in AI and enterprise sales, while strengthening their financial profile.