Atlassian (NASDAQ: TEAM) has endured one of the most painful declines across the tech space over the past year. Having traded for more than $300 just over a year ago, shares are currently trading around $80, as a 75% slide has sent them back to 2018 levels.
What makes the collapse particularly noteworthy is that it’s occurred even as the company has continued to deliver headline beats in its quarterly reports. Revenue growth has remained solid, and the core business continues to expand. Yet the market has become increasingly concerned that the rapid rise of artificial intelligence (AI) could make it very easy for companies to simply automate many of the functions they’d otherwise rely on Atlassian’s collaboration platform for. This has been the case with many traditional tech companies, but particularly so with Atlassian.
