Atlassian Corp TEAM shares are sliding after the close on Thursday on the heels of the company's fiscal third-quarter report.

• Q3 Revenue: $915 million beat estimates of $901.59 million
• Q3 EPS: 54 cents beat estimates of 34 cents

Third-quarter revenue was boosted by subscription revenue growth of 37% year-over-year.

Despite delivering a top- and bottom-line beat, shares appear to be reacting negatively to Atlassian's soft guidance. The company said it expects full-year 2023 revenue to be in the range of $900 million to $920 million versus estimates of $919.51 million.

"We are beyond thrilled about AI's ability to unleash our customers' potential and strengthen our competitive advantage," said Mike Cannon-Brookes, co-founder and co-CEO of Atlassian.

See Also: Block Beats Q1 Earnings Estimates, Tops Revenue Forecasts, Shares Jump

TEAM Price Action: Atlassian shares were down 12.20% after hours at $131.70 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Atlassian.