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Wipeout: Atlassian shares plummet on earnings miss

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Atlassian shares plunged in after-hours trade on the Nasdaq on Friday, wiping billions from the wealth of its founding duo, Mike Cannon-Brookes and Scott Farquhar | nickbonyhady

and Farquhar together held about 43 per cent of the workplace collaboration software company's shares earlier this year.

Analysts had expected the company to add about 8000 new customers over the quarter but it missed that estimate by about 18 per cent. Fewer users of the company’s free accounts were choosing to start paying and organisations who already pay were adding new staff accounts at a slower rate, Cannon-Brookes and Farquhar said in their letter.

The US-listed Atlassian reported total revenue of $US807.4 million for the first quarter of the 2023 financial year, up 31 per cent from $US614 million for the first quarter of the 2022 financial year.heavily promoted its drive to hire 1032 new staffNew chief financial officer Joe Binz said in an earnings call that the company would reduce planned hiring this year and cut discretionary spending.

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nickbonyhady Like, how old is that picture of the dudes? At least 10 years!

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