Tech giant Atlassian on verge US$10 billion dollar club

The software team at Atlassian will be jumping for joy after the company trounced its earning expectations with share prices soaring to a record high.

Shares went up 12 percent – rising above $45 (US$35) – implying a market value of more than $12.7 billion (US$10 billion). 

The software giant’s expected to surpass $1.01 billion (US$800 million) in revenue this financial year alone.

Co-CEOs Mike Cannon-Brookes and Scott Farquhar (pictured) are two of the richest Aussies

Mr Cannon-Brookes and Mr Farquhar started Atlassian with $10,000 (US$8,000) in credit card debt, with the goal of not having to wear a suit to work and to earn more than the salary – roughly $48,000 (US$38,000) – Mr Farquhar was offered from another company when he graduated from university.

They have offices in San Francisco, Austin, Amsterdam, Manila – their biggest and HQ in Sydney – and 1,700 staff.  

It builds platforms and tools for businesses, and counts NASA, Toyota, Netflix, Facebook and Twitter as its clients, and is perhaps most well-known for making JIRA software, a project management tool for developers. 

The company posted a first-quarter net loss of $18 million (US$14 million) – or 6 cents a share – on revenue of $247 million (US$193.8 million), up from $174.3 (US$136.8 million) in the same quarter a year ago.

But for the second quarter Atlassian say it will earn 12 cents again, above what analysts are looking for, while also keeping its revenue forecast up to $205 million (US$161 million), similarly above the expectation of $200.23 million (US$157 million).  

Atlassian have offices in Sydney (pictured) San Francisco, Austin, Amsterdam and Manila

Atlassian have offices in Sydney (pictured) San Francisco, Austin, Amsterdam and Manila

 

Read more at DailyMail.co.uk