Atlassian Corporation announced its financial results for the first quarter of fiscal year 2025, ended September 30, 2024, on October 31, 2024. The company reported total revenues of $1.19 billion, an increase of 22% year-over-year, surpassing analysts' estimates. Non-GAAP earnings per share came in at $0.77, exceeding the $0.76 per share projected by analysts.
Subscription revenue grew 33% year-over-year in Q1, driven by paid seat expansion, higher average revenue per user, and cloud migrations. Atlassian also raised its annual revenue growth forecast, anticipating strong demand from enterprise clients for its cloud software and AI-enabled services.
The company announced a new share repurchase program of up to $1.5 billion, set to commence upon the completion of its existing $1.0 billion program. This move underscores management's confidence in the business and its long-term opportunities, particularly in its enterprise focus and AI strategy, including the general availability of Rovo.
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