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MarketBeat
MarketBeat
Dan Schmidt

Atlassian Just Pulled Off the Software Comeback Wall Street Wanted

Atlassian United States Team RPO ARR

Sometimes you can call it a comeback. Shares of Atlassian Corp PLC (NASDAQ: TEAM) exploded 35% higher on Friday, Aug. 7, following an impressive earnings report that left investors thrilled and analysts scrambling to raise price targets.

The stock has completed an impressive turnaround in 2026, shrinking its year-to-date (YTD) loss after a brutal first-half sell-off. But unlike many of its peers posting impressive results, Altassian guided a revenue decline next year, dropping from 26% year-over-year (YOY) in fiscal 2026 to 13% YOY growth in fiscal 2027. How does a stock trading at 220 times forward earnings jump 35% on a declining revenue guide? Because it’s actually part of the plan.

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