Shares advance 1 per cent near noon; Macquarie profits slide; oil rises; Qantas rallies after AGM kicked off. Follow here for more.
Atlassian shares tumbled over 10 per cent in after hours Nasdaq trading, after the Australian software giant announced larger losses alongside a slowdown in customer growth. The company’s numbers were far from disastrous, highlighting an ongoing push to get customers on to its cloud-hosted products, ahead of a February deadline for cutting off support for its older on-premise products. They show also increased investment in artificial intelligence capabilities.
The company booked net losses of $US31.9 million ($49.6 million, or 12¢ per share, compared with a net loss of $US13.7 million, or 5¢ this time last year. Quarterly revenue was up 21 per cent to $US977.8 million, and the company added a new metric to show growth in revenue of its largest customers. Atlassian has over 40,000 customers who spend more than $US10,000 in annualised recurring revenue terms, the company told investors, a number which has grown from 25,000 two years ago.
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