Atlassian beats quarterly estimates on strong cloud demand

Aug 6 (Reuters) – Collaboration software maker Atlassian beat Wall Street expectations for fourth-quarter revenue on Thursday, riding on strong demand for its enterprise software services and cloud-based products.

Here are some details:

• Shares of the company were up 35.2% in extended trading.

• Atlassian, whose software tools such as Jira Service Management and Rovo help clients manage teams, track work and analyze data, has benefitted from more companies incorporating machine learning and automating tasks.

• It now forecasts total annual revenue growth of about 13%, compared with its previous outlook of 24%.

• The company expects first-quarter revenue between $1.71 billion and $1.72 billion, above analysts’ average estimate of $1.66 billion, according to data compiled by LSEG.

• Revenue for the fourth quarter ended June 30 came in at $1.77 billion, beating analysts’ average estimate of $1.66 billion.

• The company reported an adjusted quarterly profit per share of $1.87, compared with estimates of $1.50 per share.

• In March, Atlassian announced 10% job cuts, affecting about 1,600 employees, as part of its push into AI and enterprise sales.

(Reporting by Arunesh Sinha; Editing by Diti Pujara)