By Levi Sumagaysay
Software company Atlassian Corp. said Thursday it kept its momentum going in the first quarter, blowing past expectations and sending its shares near all-time highs after hours.
Atlassian /zigman2/quotes/207177221/composite TEAM +2.47% shares rose as much as 9% after hours, after rising 1% in the regular session to close at $417.02, but was giving up some of those gains as of 4:50 p.m. Eastern.
In a letter to shareholders, the Sydney, Australia-based company said revenue from its cloud products rose 50% year over year, and that it added 11,746 new customers during the quarter.
The maker of team collaboration and productivity software reported first-quarter revenue of $614 million, up from $459.5 million in the year-ago quarter. It posted a net loss of $400.1 million, or $1.59 a share, compared with a loss of $21.6 million, or 9 cents a share, in the year-ago period. Adjusted for stock-based compensation, amortization, charges related to senior notes and more, earnings were 46 cents a share.
Analysts surveyed by FactSet had forecast earnings of 40 cents a share on revenue of $583.8 million.
Atlassian expects a second-quarter loss of between 39 cents and 42 cents a share on revenue of $630 million to $645 million. Analysts are forecasting earnings of 44 cents a share on revenue of $620.6 million.
Atlassian stock has risen more than 78% year to date, and is up 98% in the past 52 weeks, while the S&P 500 Index /zigman2/quotes/210599714/realtime SPX +1.65% has increased 22% so far this year and climbed nearly 39% in the past year.