Atlassian bets on AI-driven growth with $250m share buy despite SaaS fears

Atlassian reported a 28% revenue rise to $1.8 billion and a net profit of $139 million in the fourth quarter, easing fears about AI cannibalizing its business. CEO Mike Cannon-Brookes pledged to spend $250 million buying Atlassian shares, signaling confidence in future growth and expected margin improvements in 2027 as the stock rose after hours. The company also disclosed a 1,600-job cut and argued that customers use AI within Jira and Confluence rather than replacing its software suite.