Business is humming along nicely at team productivity software company Atlassian Corp. Plc., which reported fourth-quarter results today that beat expectations.

The company also issued guidance for its fiscal 2020 year that fell in line with Wall Street’s targets.

For the fourth quarter, Atlassian reported earnings before certain costs such as stock compensation of 20 cents per share, up 43% from a year ago. Revenue for the quarter came to $334.6 million, up 36%.

Those results were better than expected, as Wall Street analysts had pegged the company’s earnings at just 16 cents per share on revenue of $330.6 million. Shares rose less than 1% in after-hours trading.

Sales in the last quarter also pushed Atlassian’s full-year revenue above the $1 billion mark for the first time. The company said its revenue for the entirety of 2019 topped $1.2 billion, up from the $881 million in sales it reported a year ago.

The company remains unprofitable, however. It reported a net loss of $237.5 million for the final quarter of the year and $637.6 million for the full year.

Atlassian sells project management and collaboration software for developers and engineers. Its main products are its Jira product tracking tool and its Confluence collaboration software, which account for about two-thirds of its revenue.

“Fiscal 2019 was another outstanding year for Atlassian,” co-founder and co-Chief Executive Scott Farquhar said in a statement. “We surpassed 150,000 customers during fiscal 2019, a remarkable achievement for Atlassian and triple the audacious 50,000 customer target we set when we founded the company.”

During the quarter, Atlassian opened a new technology center in Bengaluru, India, which it intends to grow into a “world-class research and development and customer support center.”

Analyst Holger Mueller of Constellation Research Inc. said Atlassian showed steady execution in the quarter just gone.

“Atlassian reached $1 billion in revenue and 150,000 customers, of which 125,000 are in the cloud,” Mueller said. “These are true milestones. And the R&D center in Bengaluru is key for its global talent strategy. Now, the company management needs to address the path to profitability.”

For the upcoming quarter, Atlassian said it expects earnings of 24 cents per share versus the analyst consensus of 21 cents. Its revenue forecast of $351 million was in line with forecasts.

Photo: Atlassian