Atlassian Corporation Q1 Loss Widens

(RTTNews) - Atlassian Corporation (TEAM) on Thursday reported first-quarter results with losses widening from last year, despite strong revenue growth.

The company reported a wider net loss of $98.4 million, compared with $70.8 million in the prior-year period. Earnings per share came in at a loss of $0.38, compared with a loss of $0.27 per share last year.

Total revenues for the quarter increased to $1.78 billion from $1.35 billion a year earlier, driven by growth in subscription revenue.

TEAM is currently trading after hours at $84.95, up $16.36 or 23.85 percent on the Nasdaq.