RTTNews | Jul 30, 2021 10:03AM EDT

10:02 Friday, July 30, 2021 (RTTNews.com) - Shares of Atlassian Corp. Plc (TEAM) are gaining nearly 27% on Friday morning after the software company reported a fourth-quarter result that trumped Street estimates and issued a strong outlook for the first quarter.

TEAM is currently trading at $338.74, up $71.95 or 26.97%, on the Nasdaq. The stock has traded between $160.01 and $349.25 in the 52 week period. The stock has gained over 40% in that period.

Commenting on the fourth quarter results, Mike Cannon-Brookes, Atlassian's co-founder and co-CEO, said, "Our Q4 was a ripper of a quarter - as we Aussies say - as we added over 23,000 new customers, grew subscription revenue 50 percent year-over-year, and continued to see cloud momentum build."

The company reported first-quarter net loss of $21.55 million or $0.09 per share, compared to a profit of $69.32 million or $0.28 per share last year.

On an adjusted basis, profit was $62.2 million or $0.24 per share for the fourth quarter, compared to $63.0 million or $0.25 per share last year. Wall Street analysts were looking for profit of $0.27 per share.

Revenues for the quarter increased 30% to $459.51 million from $363.39 million in the prior year. Analysts had a consensus revenue estimate of $440.41 million.

Looking forward to the first quarter, Atlassian expects revenues of $575 million to $590 million and adjusted earnings of $0.38 to $0.39 per share. Analysts currently estimate earnings of $0.31 per share and revenues of $540.87 million.

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