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Atlassian
said on Wednesday that it’s eliminating 10% of its workforce, or about 1,600 jobs, as the company restructures following a plunge in its stock price driven by developments in artificial intelligence.
“We are doing this to self-fund further investment in AI and enterprise sales, while strengthening our financial profile,” CEO Mike Cannon-Brookes said in a blog post. He said employees would be notified of their status by email.
Atlassian has lost more than half its value this year alongside a broader selloff in software stocks brought on by concerns about the competitive threat of generative AI tools such as Anthropic’s Claude Cowork. The stock is down 84% from its peak in 2021. It had been a big winner during the Covid era as cloud-based collaboration tools surged in popularity with office workers stuck at home.
