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Barchart
Anushka Dutta

Atlassian Is Cutting 10% of Jobs. Should You Buy TEAM Stock as AI Takes Over?

Atlassian Citi

Sydney-based software company Atlassian Corporation (TEAM) has announced it will cut 10% of its workforce, or about 1,600 jobs, as it grapples with fears about artificial intelligence (AI). The company has been facing the same concern plaguing software firms: the fear that AI will become a significant competitor to software. 

Beaten-down Atlassian is trying to restructure itself to be more AI-focused, with CEO Mike Cannon-Brookes saying that the cost-saving measures are there to “self-fund further investment in AI and enterprise sales.” The company is trying to increase demand for its Rovo AI features. Moreover, it aims to achieve sustained profitability, which has eluded it. 

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