Atlassian stock drops two-thirds despite strong revenue growth; analyst calls it a buy on solid business fundamentals.

Atlassian's stock has lost about two-thirds of its value in the past year despite accelerating revenue and robust remaining performance obligations (RPO). An analyst maintains a 'Strong Buy' rating, attributing the selloff to negative sentiment rather than the company's strong business performance. Atlassian's platform remains essential for technical teams, providing collaboration tools that AI cannot fully replace. While AI poses some risk to user seat growth, increasing credit spending and platform usage indicate potential for Atlassian to shift toward a consumption-based growth model.