Atlassian stock drops as earnings outlook misses

Atlassian Inc. shares dropped in the extended session Wednesday after the team-collaboration software company's earnings outlook fell short of Wall Street estimates. Atlassian shares fell 8% after hours, following a 1.6% decline to close the regular session at $111.19. The company said it expects adjusted fiscal fourth-quarter earnings of 16 cents a share on revenue of $329 million to $331 million. Analysts surveyed by FactSet expect 19 cents a share on revenue of $327.6 million. The company reported a fiscal third-quarter loss of $202.8 million, or 85 cents a share, compared with $15.8 million, or 7 cents a share, in the year-ago period. Adjusted earnings were 21 cents a share. Revenue rose to $309.3 million from $224.3 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 18 cents a share on revenue of $304.7 million.

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