Atlassian Corp. swung to a loss in the fiscal second quarter as sales surged on higher demand from remote workers moving their work environment to the cloud due to the Covid-19 pandemic.
The team-collaboration and productivity software company swung to a loss of $621.5 million, or $2.49 a share, for the quarter ended Dec. 31, compared with a profit of $124.1 million, or 49 cents a share, in the same period a year earlier. Adjusted earnings were 37 cents a share. Analysts polled by FactSet were expecting an adjusted profit of 32 cents a share.
Revenue rose to $501.4 from $408.7 million in the comparable period a year ago. Analysts were looking for $471.6 million in revenue.
Expenses climbed 30% from a year ago to $394.2 million.
Atlassian said it added 11,600 new customers during the quarter to a total of 194,000 customers.
Atlassian Corporation designs, develops, licenses, and maintains software and provisions software hosting services. The Companyâs products include Jira Software and Jira Work Management, Confluence for content creation and sharing, and Jira Service Management for team service, management, and support applications. The Jira Software and Jira Work Management provides a project management system that connects technical and business teams. Confluence provides a connected workspace that organizes knowledge across all teams to move work forward. Jira Service Management is a service desk product for creating and managing service experiences for a variety of service team providers, including information technology, legal, and human resources teams. The Atlassian platform is the common technology foundation for its products that drives connections between teams, information, and workflows. Its Loom platform is a video messaging platform that helps users to communicate through shareable videos.