Atlassian slashes 10% of workforce to ‘self-fund’ investments in AI
Mike Cannon-Brookes, co-founder and CEO of Atlassian, speaks at the National Electrical Vehicle Summit in Canberra, Australia, on Aug. 19, 2022. Cannon-Brookes is urging Australia to show more ambition on climate action, even as the new government legislates plans to strengthen the country’s carbon emissions cuts.
Hilary Wardhaugh | Bloomberg | Getty Images
Atlassian said on Wednesday that it’s eliminating 10% of its workforce, or about 1,600 jobs, as the company restructures following a plunge in its stock price driven by developments in artificial intelligence.
“We are doing this to self-fund further investment in AI and enterprise sales, while strengthening our financial profile,” CEO Mike Cannon-Brookes said in a blog post. He said employees would be notified of their status by email.
Atlassian has lost more than half its value this year alongside a broader selloff in software stocks.
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