{"id":35529,"date":"2023-10-20T14:39:08","date_gmt":"2023-10-20T14:39:08","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/atlassian-soars-back-as-investors-start-to-pick-winners-in-the-volatile-tech-market-startupsmart\/"},"modified":"2023-10-20T14:39:08","modified_gmt":"2023-10-20T14:39:08","slug":"atlassian-soars-back-as-investors-start-to-pick-winners-in-the-volatile-tech-market-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/atlassian-soars-back-as-investors-start-to-pick-winners-in-the-volatile-tech-market-startupsmart\/","title":{"rendered":"Atlassian soars back as investors start to pick winners in the volatile tech market – StartupSmart"},"content":{"rendered":"
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Atlassian has quickly bounced back from a slump in the stocks as investors begin to back winners in the volatile tech markets.<\/p>\n

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The Australian startup success story\u2019s stocks have risen by up to 16% for the week, climbing to $US23.35, well above the initial $US21 trading price.<\/p>\n

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The workplace collaboration software company had been hit hard by the general selloff of tech stocks, falling by 15% the day after it announced strong financial results.<\/p>\n

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With widespread concerns surrounding overpriced tech companies, investors are beginning to zero in on the winners and Atlassian is top of the list.<\/p>\n

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\u201cIn tech stocks, investors haven\u2019t wanted to try to call the bottom,\u201d Piper Jaffray analyst Gene Munster tells The Wall Street Journal<\/em><\/a>.<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\u201cWhat\u2019s going on now is a sense that some tech companies are working and will rebound. People don\u2019t want to be left out.\u201d<\/p>\n

 <\/p>\n

With most tech companies offering stocks, it\u2019s telling to see which ones surge back, R.W. Baird tech analyst Steven Ashley tells the WSJ.<\/em><\/p>\n

\u00a0<\/em><\/p>\n

\u201cEverything is on sale, so investors are looking at what\u2019s most interesting to them to own,\u201d Ashley says.<\/p>\n

 <\/p>\n

Atlassian\u2019s IPO in December<\/a> last year was one of the few bright spots in a bad year for the tech markets and it seems investors are still backing the Aussie company which has been profitable for over a decade.<\/p>\n

 <\/p>\n

The startup announced impressive financial results earlier this month<\/a>, with revenue rising by 45% year-on-year to $153 million for the second quarter of the fiscal year.<\/p>\n

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In the investor conference call, Atlassian co-founder Mike Cannon-Brookes said the company has lofty goals as it begins to target the \u201cFortune 500,000\u201d companies around the world.<\/p>\n

 <\/p>\n

\u201cWe believe we\u2019re just getting started,\u201d Cannon-Brookes said.<\/p>\n

 <\/p>\n

\u201cWe\u2019re truly just scratching the surface. We think we\u2019re at the early stages of a very big wave.\u201d<\/p>\n

 <\/p>\n

Follow StartupSmart on Facebook<\/strong><\/a>, Twitter<\/strong><\/a>, LinkedIn<\/strong><\/a> and SoundCloud<\/strong><\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Atlassian has quickly bounced back from a slump in the stocks as investors begin to back winners in the volatile<\/p>\n","protected":false},"author":2,"featured_media":62201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/35529"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=35529"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/35529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/62201"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=35529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=35529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=35529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}