Shares in Atlassian Corporation PLC rose strongly in late trading after the Australian software company surpassed revenue expectations in its latest earnings report.

For the company’s fiscal 2022 fourth quarter ending June 30, Atlassian reported non-generally accepted accounting principles income of $68.1 million or 27 cents per share compared to $62.2 million or 24 cents per share in the same quarter of last year. Revenue came in at $759.8 million, up 36% year-over-year.

Analysts had expected EPS of 27 per share on revenue of $760 million.

Net loss in the quarter was $105.5 million, compared to a loss of $213.1 million in Q4 2021. Operating loss was $63.3 million compared to a loss of $7.5 million the year prior. Cash, cash equivalents plus short-term investments totaled $1.5 billion as of the end of June.

Highlights in the quarter included customer numbers – those with an active subscription or maintenance agreement, coming in at 242,623, up 8,084 from the previous quarter. Atlassian’s headcount totaled 8,813 at the end of the quarter, up 634 from the last quarter and 2,300 over the full fiscal year.

For the full fiscal year 2022, Atlassian reported a non-GAAP EPS loss of $2.42 compared to $2.79 for the previous year. Revenue came in at $2.8 billion, up 34% year-over-year.

“We capped off fiscal year 2022 with strong Q4 results, growing cloud revenue 55 percent year-over-year,” Mike Cannon-Brookes, Atlassian’s co-founder and co-chief executive officer, said in a statement. “We believe that Atlassian is uniquely positioned, with great momentum and a differentiated business model. While we can’t predict what the future holds at a macro level, we’re forging ahead with conviction and vigilance as we look to deepen our strategic position.”

For Atlassian’s first quarter of 2023, the company predicts adjusted EPS of 37 cents to 38 cents on revenue of $795 million to $810 million. The EPS was in line with analyst expectations of 37 cents, while the revenue was significantly higher than an expected $773.5 million.

Alongside the earnings announcement, Atlassian also announced that it had hired Joe Binz, a former corporate vice president at Microsoft Corp., as its new chief financial officer. Binz spent 20 years and Microsoft moving up the ranks and is noted to have guided Microsoft’s business transformation through its multi-billion dollar move to the cloud. Before joining Microsoft, Binz had worked at both Intel Corp. and Intel Capital.

Investors liked the earnings beat and high-than-expected outlook. Atlassian shares were up 9.8% after the bell, sitting at $253 as of 8 p.m. EDT.

Photo: Atlassian

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