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So far, there have been multiple stars of the ongoing artificial intelligence (AI) boom, with the semiconductor giant Nvidia (NASDAQ: NVDA) proving a mainstay, Super Micro Computer (NASDAQ: SMCI) trailblazing in the first half of 2024 and then falling from grace, and, in the last six months, Palantir (NASDAQ: PLTR) outperforming even the most bullish forecasts.
Atlassian on Thursday projected third-quarter revenue above estimates and raised its annual revenue forecast, signaling strong demand for the enterprise software maker's artificial intelligence-enabled cloud services, sending its shares up 16% in extended trading.
Atlassian continues to grow despite tough economic conditions, particularly with its cloud-based revenue. Management expects to more than double its revenue over the next five years as its addressable opportunity keeps growing.
While the S&P 500 index was notching a fresh record last week, shares of software giant Atlassian Corporation NASDAQ: TEAM were reeling from a 15% drop. The driver behind the plunge, coming after an almost eighteen-month rally, was the company's fiscal Q2 results, released on Thursday evening.
Atlassian Corporation (TEAM) Q2 2024 Earnings Call Transcript
With the latest wave of “AI mania” in full swing since November, you may not think that now is a time to be thinking about which AI stocks to sell, rather than which AI stocks to buy. But while adoption of generative AI and other artificial intelligence technology is rising rapidly, suggesting a trend not anywhere close to slowing down, don't assume that the current bubble among AI stocks is built on solid ground.
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Atlassian thinks it can hit $10 billion in annual sales. The company's product suite and customer-acquisition strategy are key to its revenue gains.
LYFT continues to struggle, as evidenced by the 24.2% year-to-date decline in its shares.
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