Atlassian Plc (NASDAQ:TEAM) shares plunged after the company's earnings forecast for the fiscal fourth quarter missed analysts' expectations.
Atlassian shares fell 11% to US$54.49 at a 9:42 a.m.
The enterprise software company reported third-quarter earnings yesterday of US$0.10 per share on revenue of US$223.7mln. Analysts polled on EarningsWhispers.com estimated US$0.09 per share.
The firm said it forecasts fourth-quarter adjusted earnings of US$0.12 a share on sales of US$232 million to US$234 million.
The stock sell-off is due “largely because of lower-than-expected profitability projections” for the fiscal fourth quarter, according to a William Blair note cited by Investors.com