RTTNews | Oct 29, 2021 11:06AM EDT

11:06 Friday, October 29, 2021 (RTTNews.com) - Atlassian Corporation Plc (TEAM) shares are up more than 6% Friday morning after reporting better-than-expected first-quarter results.

The company reported net loss of $400.1 million or $1.59 per share in the first quarter, compared with net loss of $21.6 million or $0.09 per share in the same quarter a year ago.

Net loss included a charge of $424.5 million in the first quarter of this year.

Excluding items, earnings of $0.46 per share beat the average estimate of analysts polled by Thomson Reuters at $0.40 per share.

Revenue for the quarter increased 34% year-over-year to $614 million, driven by more than 50% growth in subscription revenue.

Looking forward to the second quarter, revenue is expected to be in the range of $630 million to $645 million. Adjusted EPS is expected in the rang of $0.35 to $0.38. Analysts expect earnings of $0.44 per share on revenue of $618.56 million for the quarter.

TEAM, currently at $445.3 has traded in the range of $176.42- $483.13 in the last one year.

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