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Earnings Results: Atlassian trades near record high after beating estimates

Software company Atlassian Corp. said Thursday it kept its momentum going in the first quarter, blowing past expectations and sending its shares near all-time highs after hours.

Atlassian
TEAM,
+1.08%

shares rose as much as 9% after hours, after rising 1% in the regular session to close at $417.02, but was giving up some of those gains as of 4:50 p.m. Eastern. 

In a letter to shareholders, the Sydney, Australia-based company said revenue from its cloud products rose 50% year over year, and that it added 11,746 new customers during the quarter.

The maker of team collaboration and productivity software reported first-quarter revenue of $614 million, up from $459.5 million in the year-ago quarter. It posted a net loss of $400.1 million, or $1.59 a share, compared with a loss of $21.6 million, or 9 cents a share, in the year-ago period. Adjusted for stock-based compensation, amortization, charges related to senior notes and more, earnings were 46 cents a share.

Analysts surveyed by FactSet had forecast earnings of 40 cents a share on revenue of $583.8 million.

Atlassian expects a second-quarter loss of between 39 cents and 42 cents a share on revenue of $630 million to $645 million. Analysts are forecasting earnings of 44 cents a share on revenue of $620.6 million.

Atlassian stock has risen more than 78% year to date, and is up 98% in the past 52 weeks, while the S&P 500 Index
SPX,
+0.98%

has increased 22% so far this year and climbed nearly 39% in the past year.

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