Atlassian Corporation (NASDAQ: TEAM) reported strong fiscal third-quarter results, surpassing Wall Street estimates with a revenue of $1.19 billion against forecasts of $1.10 billion, and earnings per share (EPS) of 89 cents, beating by $0.27. Despite these positive results, the company's stock fell by 7.6% in after-hours trading. In a significant corporate development, co-founder and co-CEO Scott Farquhar announced he will step down on August 31, 2024, after 23 years with the company. Farquhar plans to remain involved as a board member and special advisor. This announcement coincided with Atlassian's guidance for Q4 revenues to be above consensus, signaling continued business growth.