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April 29, 2021, 4:41 p.m. EDT

Atlassian swings to profit, helped by higher sales

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By Maria Armental

Atlassian Corp. swung to a profit in the March quarter, driven by a more than $100 million gain related to Atlassian's exchangeable senior notes and related capped calls, and helped by higher sales tied to the discontinuation of new server license sales and price changes to on-premises products.

The team-collaboration and productivity software company, which has seen higher demand as remote work took off during the Covid-19 pandemic, is shifting customers to cloud-based versions of its software and discontinued sales of new server licenses in the third quarter. Upgrades of existing server licenses will continue to be available through the third quarter next year, the company said.

On Thursday, Atlassian reported a profit of $159.8 million, compared with a loss of $158.8 million a year earlier. On a per-share basis, it reported a profit of 63 cents a share, or 48 cents a share as adjusted.

Total revenue rose to $568.7 million from $411.6 million.

Atlassian had projected $566 million to $572 million in revenue. Analysts surveyed by FactSet expected a loss of 9 cents a share, or an adjusted profit of 29 cents a share, and $534 million in revenue.

Write to Maria Armental at maria.armental@wsj.com

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