Atlassian Rises To Record Highs As It Continues To Perform Well Despite COVID-19 Downturn

On April 30, Atlassian, a provider of team collaboration and productivity software announced its third-quarter fiscal results. The company revealed a 33% increase in its total revenue from the third quarter of fiscal 2019, a drop in operating loss as well as its optimistic fourth-quarter expectations.

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With enough cash to weather a near term downturn and an increased demand for its products, the Australian tech giant is set to thrive through the storm of coronavirus.

"Atlassian has always been a company that's built for stormy weather," chief executive Scott Farquhar told The Sydney Morning Herald. "We sell to a large customer base around the world, we charge comparatively little versus our competitors.”

Farquhar also suggested that companies who are more open to digital transformation, and are looking to the cloud to bridge the gap between the physical and digital words will come out of the COVID-19 outbreak in a good position.

In May, Atlassian made its cloud-based version of JIRA, Confluence, JIRA Services Desk, and JIRA Core free for teams of up to ten people. While Atlassian's services like JIRA and Trello have experienced a rise in usage, it doesn’t compare to the surge other companies have recorded.

“I don't think we are the same as Zoom, which has kind of gone from zero to hero, but people are now using our products more than they would be if they're sitting next to each other in an office because tracking work via online tools is actually the best way to do it,” said Farquhar. “So we're seeing more traffic as a result of this.”

That was at the beginning of the month, and Farquhar and Mike Cannon-Brookes have held strong, continuing to pay their hourly service workers. Other initiatives have included making distance learning programs available free to educators while slashing fees on its academic licenses to educational institutions and teaching hospitals.

The Sydney-based company which was launched in 2002 develops tools and services for enterprise collaboration and has over the years introduced a robust product suite, including Jira, Confluence, and HipChat. Atlassian products are used by more than 160,000 large and small organizations across the globe, including Spotify, NASA, Sotheby’s, and Visa.