Traders were rushing to flick tech shares on Friday and Atlassian got hit hard with shares dropping 15% to the lowest it’s ever been since the IPO in December last year.
The big plunge came just one day after the Australian tech company released its first quarterly earnings report since its IPO on the Nasdaq.
Atlassian wasn’t alone on Friday, with other big tech companies hit hard. Facebook also lost 5.8%, while LinkedIn lost a huge 44% after forecasting a year of slow growth for the social media company.
Share prices for Atlassian currently stand at $20.19, and were as low as $17.55 throughout the day. This means that the year to date return on Atlassian’s stock is at negative 32.9% after their initial pricing of $25.78.
The day before, Atlassian reported a 45% increase in quarterly revenue after a strong sales performance in Q2.
The company reported total revenue of $US109.7 million ($AU153 million) for the second quarter of the fiscal year, up from $US75.8 million ($AU105 million) for the same quarter a year earlier. Operating income however was down, going from $US4.1 million ($AU5.7 million) down to $3.4 million as it expands the business.
Active customer numbers are now sitting at 54,262, which is an increase of 27% year on year, with Atlassian adding over 2,600 new customers over the quarter.
Business Insider Emails & Alerts
Site highlights each day to your inbox.