Atlassian shares jump more than 30% despite guiding growth lower

Atlassian shares climbed more than 30% following guidance that pointed to revenue growth of 18% in the coming year, a step down from prior rates. The reaction ran counter to the usual pattern for software companies lowering growth expectations. Commentary on the move attributed the gain to the company's margin outlook, suggesting investors were willing to trade a slower revenue trajectory for improved profitability. The episode fits a broader repricing across enterprise software, where investors have shifted attention from growth-at-any-cost toward operating leverage and free cash flow.