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07.12.2022 16:41:26

Why Atlassian Shares Fell 35% Last Month

Shares of Atlassian (NASDAQ: TEAM) entered November at a low point, having dropped 46.8% year to date as the new month arrived. But there was more pain on tap. One disappointing earnings report later, Atlassian's stock had fallen 35.1% in November 2022, according to data from S&P Global Market Intelligence. All told, share prices are down 67% in 2022 as of Dec. 7.Atlassian is in the habit of setting up modest guidance targets and knocking them out of the park. Analyst estimates tend to stay close to the company's own projections, so this behavior has generated a long string of impressive earnings surprises..The first quarter of fiscal year 2023, which Atlassian covered in November's report, failed to follow the usual pattern. Earnings fell 22% year over year to $0.36 per share, 5% below the consensus analyst estimate at the time. Revenue jumped 31% higher to $807 million, almost exactly in line with the Street's $806 million target. Keep in mind that the revenue result typically lands at least 5% above the analyst view. From that point of view, merely meeting Wall Street's expectations kind of felt like a miss.Continue reading
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