Atlassian (TEAM) Tops Q1 EPS by 3c, Revenues Beat; Offers 2Q EPS/Revenue Guidance Below Consensus

October 29, 2020 4:16 PM

Atlassian (NASDAQ: TEAM) reported Q1 EPS of $0.30, $0.03 better than the analyst estimate of $0.27. Revenue for the quarter came in at $459.5 million versus the consensus estimate of $440.41 million.

“We drove strong results in Q1, generating $460 million in revenue, growth of 26% from the prior year,” said Scott Farquhar, Atlassian’s co-founder and co-CEO. “We also added more than 8,600 net new customers during the quarter, and now serve over 182,000 customers, including more than 160,000 using our cloud products, as we take the next step in our journey to transform Atlassian into a cloud-first global software leader.”

“We continued to build momentum in the cloud, and delivered increased value to our customers,” said Mike Cannon-Brookes, Atlassian’s co-founder and co-CEO. “We are laser focused on delivering the best experience to customers in the cloud by building powerful new editions like Cloud Premium and Cloud Enterprise, scaling products like Atlassian Access, and cementing partnerships with best-of-breed SaaS providers such as Slack.”

GUIDANCE:

Atlassian sees Q2 2021 EPS of $0.30-$0.32, versus the consensus of $0.33. Atlassian sees Q2 2021 revenue of $460-475 million, versus the consensus of $479.68 million.

Second Quarter Fiscal Year 2021:

For additional commentary regarding financial targets, please see Atlassian’s first quarter fiscal year 2021 shareholder letter dated October 29, 2020.

For earnings history and earnings-related data on Atlassian (TEAM) click here.

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