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Atlassian (NASDAQ:TEAM) stock dropped 15.4% after the company reported second-quarter earnings and provided a mixed outlook due to customer migration to the cloud following the end-of-support for the server in 2024. CFO Joe Binz cited lower paid seat expansion, especially in small and medium-sized businesses. However, revenue and EPS exceeded expectations, with cloud and data center revenue outlook raised. The stock market’s overreaction may present a potential buying opportunity for investors.

The stock’s volatility indicates a significant impact from the news. Atlassian’s shares are down 3.8% since the beginning of the year and trading 15.4% below its 52-week high. The company narrowly beat analysts’ revenue expectations for the quarter, but a soft revenue outlook for the next quarter is weighing on shares. Despite the recent drop, a $1,000 investment in Atlassian 5 years ago would now be worth $2,135.



Read more: Why Atlassian (TEAM) Stock Is Nosediving