Watch CNBC's full interview with Atlassian CEO on Q3 earnings ahead of investors call
Speakers
Mike Cannon-Brookes
— Co-founder, Atlassian
Summary
Atlassian CEO Mike Cannon-Brookes joins CNBC's Closing Bell Overtime to discuss the company's Q3 earnings beat. He highlights strong revenue growth, cloud adoption, and strong traction of the AI platform Rovo. He dismisses fears of a SaaS apocalypse or AI reducing seat counts, citing continued seat expansion and cross-sell. The stock jumped in after-hours trading.
- Atlassian reported Q3 revenue of $1.8 billion, above estimates of $1.7 billion, and EPS beat.
- Cloud revenue grew 29% year-over-year to over $1.1 billion.
- The service collection passed $1 billion IRR and grew north of 30%.
- Rovo AI platform is used by over 75% of Fortune 500 companies.
- AI credit usage is growing 20% month-on-month.
- Rovo customers expand their spend at more than twice the rate of non-Rovo customers.
- Seat expansion and cross-sell drove the earnings beat.
- CEO sees huge expansion potential as Fortune 500 clients represent less than 10% of revenue.
Trade Ideas
Atlassian Q3 earnings beat expectations
Atlassian had an outstanding Q3 with revenue up 32% year-on-year, cloud revenue up 29% to over $1.1 billion, and the service collection passed $1 billion IRR. Rovo AI is used by 75% of Fortune 500 companies, AI credit usage grows 20% month-on-month, and Rovo customers expand at more than twice the rate of non-Rovo customers. Seat expansion and cross-sell drove the beat, and the company sees huge expansion potential within existing customers (less than 10% revenue from Fortune 500).
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This CNBC video, published April 30, 2026, features Mike Cannon-Brookes discussing TEAM. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Mike Cannon-Brookes · Tickers: TEAM