Wipeout: Atlassian shares plummet on earnings miss

Atlassian shares plunged in after-hours trade on the Nasdaq on Friday, wiping billions from the wealth of its founding duo, Mike Cannon-Brookes and Scott Farquhar.

The company’s shares were down 22.7 per cent by 11.15am AEDT after the company reported its quarterly results, which missed analysts’ expectations. That would wipe about $US10 billion ($16 billion) from the company’s value.

Atlassian founders Mike Cannon-Brookes and Scott Farquhar.Credit:Trevor Collens

Cannon-Brookes and Farquhar held about 43 per cent of the workplace collaboration software company's shares earlier this year.

“Companies in nearly every industry are facing headwinds, and we’re beginning to see the impact on our business,” they said in a joint letter to shareholders.

The US-listed Atlassian reported total revenue of $US807.4 million for the first quarter of the 2023 financial year, up 31 per cent from $US614 million for the first quarter of the 2022 financial year.

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