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Friday, 28 January 2022 12:05

Atlassian Q2 results: revenue up, but no profit

By
Atlassian co-founder and co-CEO Mike Cannon-Brookes Atlassian co-founder and co-CEO Mike Cannon-Brookes

Australia-founded but Nasdaq-listed collaboration software provider Atlassian has reported its results for the quarter ended 31 December 2021. Revenue increased 37% year-on-year, but the company lost US$77.5 million ($110.2 million).

At least that loss was a lot smaller than the year-ago quarter: Atlassian lost US$621.5 million ($883.5 million) in 2Q21.

"Q2 was another strong quarter for Atlassian with over 10,000 net new customers this quarter, 98% of which were in the cloud," said Atlassian co-founder and co-CEO Scott Farquhar.

"We also saw subscription revenue grow 64% year-over-year, which reflects our continued investment in our cloud platform and the strong focus and effort we have put in to helping our customers seamlessly move to cloud."

Atlassian co-founder and co-CEO Mike Cannon-Brookes noted that "The Atlassian Marketplace continues to go from strength to strength surpassing US$2 billion ($2.8 billion) in sales and shows no signs of slowing down.

"We recognise that the opportunities for Atlassian, our customers and our partners have never been greater as companies accelerate their future of work transformations, and we're incredibly proud of this partner ecosystem which is fuelling innovation and helping to deliver on our mission to unleash the potential of every team."

The company ended the quarter with US$986 million ($1402 million) in cash, cash equivalents and short term investments, despite cash outflows of US$779.9 million ($1108.7 million) related to the settlement of outstanding senior notes.

In related news, Atlassian announced that CTO Sri Viswanath will step down from the role at the end of June 2022.

"To say Sri has been instrumental in this tremendous growth and scale would be an understatement. Particularly in our shift to cloud and building a world-class cloud platform," said Cannon-Brookes.

"He is a respected and inspiring leader as well as a natural mentor, nurturing the careers of countless Atlassians during his tenure. While Scott and I are sad to see him go, we are thankful for the huge impact he has had on our customers, our growth, and our culture. We look forward to cheering him on in his next chapter — whatever that may be."

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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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