Atlassian nets 6000 new customers, revenue up a third

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Atlassian nets 6000 new customers, revenue up a third

"Workers respond in a remote-work world."

Australia’s Agile darling Atlassian has counted almost 6300 new customers this quarter, bringing revenue to US$411.6 million for the three months to the end of March.

The number of new customers counts active subscriptions or those with maintenance agreements, bringing the total to over 171,000.

The growth coincided with the release of free cloud editions across Atlassian's core products - Jira Software, Confluence and Jira Service Desk.

Cashflow from the company’s operations reached US$156.3 million in the quarter with free cash flow totallying US$140.3 million.

Mike Cannon-Brookes, Atlassian’s co-founder and co-chief, said investments made during the quarter should position the company for further growth.

“Through efforts like launching free cloud editions of our core products, we will support our customers through challenging times, and position ourselves to drive durable growth.”

Despite the 33 percent year-over-year growth in income, Atlassian continued to make an operating loss, this time of US$19.9 million for the quarter - down from the previous corresponding period’s loss of US$27.6 million.

That brought the company’s net loss to US$158.8 million for the third quarter, a US$44 million improvement of FY19’s third quarter net loss.

Scott Farquhar, the other half of the chief executive and founder duo, said the quarter to March and the month that followed were “unprecedented” due to outbreak of the novel coronavirus.

“The COVID-19 pandemic has caused a public health crisis and rapid economic change.

“As workers respond in a remote-work world, we’ve never been more committed to delivering on our mission to unleash the potential of every team and support our customers and community.”

Atlassian shares on the NASDAQ closed the day up 1.81 percent.

Cash and cash equivalents, and short-term investments at the end of the third quarter of fiscal 2020 totaled US$2.1 billion, compared with a market capitalisation of US$38.2 billion.

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