- Atlassian Corp (NASDAQ: TEAM) reported first-quarter revenue growth of 31% year-on-year to $807.4 million, beating the consensus of $806.4 million. Subscription revenue rose 50% Y/Y to $651 million.
- Non-GAAP operating margin was 18%.
- EPS of $0.36 missed the consensus of $0.38.
- Scott Farquhar, Atlassian's co-founder and co-CEO, said, "Despite the turbulent macroeconomic environment we find ourselves in, we have conviction about the incredible long-term opportunities in front of us and our ability to capitalize on them."
- "We have the right products, the right leaders, and the right strategies in place to come out of this downturn in a much stronger market position."
- Atlassian sees Q2 revenue of $835 million - $855 million, below the consensus of $879.2 million.
- It sees a non-GAAP operating margin of 13%.
- Piper Sandler analyst James Fish downgraded Atlassian from Overweight to Neutral.
- Mizuho analyst Gregg Moskowitz maintained a Buy and cut the price target from $320 to $255.
- Goldman Sachs (NYSE:GS) analyst Kash Rangan maintained a Buy and cut the price target from $300 to $265.
- Macquarie analyst Frederick Havemeyer downgraded from Outperform to Neutral and lowered the price target from $287 to $147.
- BMO Capital analyst Keith Bachman maintained a Market Perform and lowered the price target from $295 to $160.
- Price Action: TEAM shares traded lower by 28.4% at $124.80 on the last check Friday.
| Jan 2022 | Cowen & Co. | Maintains | Market Perform | |
| Jan 2022 | Cowen & Co. | Maintains | Market Perform | |
| Dec 2021 | Goldman Sachs | Initiates Coverage On | Neutral |
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