Atlassian announced a goal of 20% revenue growth over the next three years but revised that revenue target to 16%.
👉 Background: Atlassian was started by two Sydney-siders and a $10,000 credit card. It's since grown into a project management behemoth. Think: Jira, Confluence, Bitbucket, Trello and more.
👉 What happened: Earlier this year Atlassian announced a goal of 20% revenue growth over the next three years. But now, it's revised that revenue target, dropping the revenue growth target to 16%.
👉 What else: Investors weren't happy to hear this news and Atlassian's share price plummeted 17% - despite a 24% jump in revenue in its most recent annual results. But Atlassian's committed to its plan to continuing to grow revenue from its Fortune 500 companies.
💡When it comes to revenue, digging deeper, not wider, can often be a faster way to supercharge growth.
💡New revenue comes from acquiring new customers which often means more marketing and sales efforts. But expansion revenue is when existing customers purchase additional products or services…like upgrading their plans or adding more licences.
💡While 84% of the Fortune 500 companies are using Atlassian, this only represents 10% of its revenue. So Atlassian plans to show more love to its existing clients, get them to spend more, and to hit its ambitious revenue goals.
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