In an internal note to staff on Tuesday that the companyalso released publicly,Atlassian’s billionaire co-founders,Mike Cannon-Brookes and Scott Farquhar,said the company’s talent acquisition,program management and research and insights teams would be most affected.
“To be clear,this decision is not a reflection of Atlassian’s own financial performance,as we will be reinvesting in roles that better support our priorities,” Cannon-Brookes and Farquhar wrote.
Atlassian,which makes workplace software that is industry-standard in the IT sector,is still growing quickly,reporting 27 per cent revenue growthlast quarter to $US873 million ($1.3 billion). But it also recorded a net loss of $US205 million and told the market it was seeing slower growth in its cloud products,which are crucial to its future.
Shares in Atlassian are up about 40 per cent this calendar year to $US176,which is still down about 60 per cent from the highs of late 2021,when technology stock prices were inflated by lockdowns,low interest rates and government stimulus spending.
A host of major technology companies,including Google,Microsoft and several lesser-known productivity companies,have announced lay-offs recently as investors pull away from the sector,lowering share prices and putting a renewed focus on profits.