After moving many of its customers from on-premises software to cloud products, Atlassian is looking for margins to return to historical levels.
Atlassian said that starting in the 2025 fiscal year, following a push to move customers to the cloud, margins will approach historical levels.Scott Farquhar, co-founder and co-chief executive officer of Atlassian Corp., walks the grounds during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 12, 2023.
Management called for a -8% operating margin for the 2024 fiscal year, compared with -10% for the 2023 and 3% in 2022. And co-CEOs Scott Farquhar and Mike Cannon-Brookes said in a letter to shareholders that there's more improvement ahead.
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