Atlassian Lets Go Of 500 Full-Time Workers Under Latest Restructuring Program

On March 6, 2023, Australian software firm Atlassian Corp TEAM downsized specific roles impacting about 500 full-time employees or approximately 5% of its current workforce.
These actions are part of its restructuring to focus on growth opportunities.
The restructuring includes continuing to invest in strategic areas of the business, aligning talent to meet customer needs and business priorities best, and optimizing for operational efficiency.
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Atlassian expects to incur approximately $70 million - $75 million in charges for these actions.
Atlassian expects to book most of these charges in the third quarter of FY23. The execution of these actions will likely be complete by the end of the fourth quarter of FY23.
In February, Atlassian reported second-quarter EPS of 45 cents, which beat the analyst consensus estimate of 31 cents.
The company also reported quarterly sales of $872.70 million, which beat the analyst consensus estimate of $851.32 million by 2.5%. This sales figure is a 26.8% increase over sales of $688.53 million in the same period last year.
Price Action: TEAM shares traded higher by 1.23% at $178.31 premarket on the last check Tuesday.