Atlassian shares traded down following its fourth-quarter earnings announcement. The company reported revenue that surpassed Wall Street expectations.
Management attributed performance to accelerated adoption of the AI-powered Teamwork Collection. Atlassian also secured a record number of large enterprise deals.
CEO Michael Cannon-Brookes identified AI features as the primary driver for cloud upgrades. Cannon-Brookes stated, "AI is the best thing to happen to Atlassian."
Analysis indicates a disconnect between these results and the subsequent stock decline.