Atlassian Corp Plc (TEAM) shares are trading sharply lower due to ongoing concerns about execution risks related to its Cloud and AI transformation, despite the company reporting strong Q2 FY2026 revenue of $1.59 billion and raising its Q3 guidance.
- Management responded to the steep decline by announcing plans to accelerate share repurchases, signaling a belief that the stock is "significantly undervalued."
- The company plans to accelerate the repurchase pace by approximately 2-3X compared to the first half of the fiscal year.