- Atlassian saw its stock drop nearly five percent in extended trading despite better-than-expected financial results.
- The price drop comes after the stock closed at a record on Thursday.
- The company's net loss was hit by a change in the U.S. corporate income tax rate.
Atlassian shares dropped nearly five percent in extended trading on Thursday, even though the software developer reported second-quarter results that topped analysts' estimates and issued an optimistic forecast.
Here are the most important numbers:
- Revenue: $212.6 million vs. $204 million estimate, according to FactSet
- EPS (adjusted): 13 cents vs. 12 cents, according to FactSet
Atlassian's stock has been on a hot streak, more than doubling in the past year. On Thursday, it closed at a record of $55.60 before dipping after its earnings report.
Revenue jumped 43 percent from the same quarter of last year. The company's operating loss widened to $15.3 million from $2.6 million, as operating expenses jumped by almost 50 percent.
Atlassian reported a $65.2 million net loss because of a non-cash charge of $47.3 million related to the change in the U.S. tax code.
Atlassian also said that its marketplace of business apps surpassed a new revenue milestone during the quarter, reaching $350 million in lifetime sales since its launch in 2012. The Atlassian Marketplace currently has over 3,500 applications built on top of Atlassian's core products.
In addition to beating second-quarter estimates, Atlassian issued sales forecasts for the third quarter and for fiscal 2018 that topped analysts' expectations.