The Atlassian Paradox: Stock Down 85% From Peak While AI Drives NRR to 120% and Revenue to $6B
The Motley Fool·medium signal
Atlassian's stock is down 85% from its 2021 high and 57% YTD, yet its business has never been stronger: $6B annual run-rate revenue (record), cloud NRR of 120% (up three consecutive quarters, with AI platform adoption cited as primary driver), and $1M+ annual deals nearly doubling YoY. The company cut 1,600 jobs (10% of workforce, 900+ from R&D) in March to fund AI and enterprise sales, incurring $225-236M in charges — despite CEO Cannon-Brookes saying five months earlier that AI would increase headcount.