<p>2026 年 2 月，协作软件公司 Atlassian 的股票下跌了 36%，这也反映了由于对人工智能相关动荡和经济市场不稳定的担忧，软件行业出现了大规模抛售。3 月 4 日，这家在纳斯达克上市的公司 TEAM 的股价实际上在一天内上涨了 6.18，达到了 78.36，但这与疫情高峰期相比，月度收缩幅度相当可观，目前的估值已下降超过 80%。</p>
<h2>软件销售疲软削弱了市场信心</h2>
<p>Atlassian 面临的问题很大程度上可以归咎于市场的系统性波动。自年初至 2 月底，标普 500 软件指数下跌了 19%，其 90% 以上的成分股的累计回报有限。</p>
<p>假设新兴的人工智能解决方案可能取代 Jira 中的看板等传统产品，投资者开始抛售高估值的服务软件公司，包括 Atlassian。由于 Atlassian 主要在中小企业市场运营，因此在灵活的竞争对手提供定制的人工智能集成服务时，它将面临更激烈的竞争。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/03/image-36-1080x675.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/03/image-36-1080x675.jpeg"/></p>
<h2>这些担忧因公司上个月发布的第二季度业绩而加剧</h2>
<p>第二季度发布的最后财务报告显示，公司收入为 15.9 亿美元，比去年增长了 25%，高于市场预估的 15.4 亿美元。调整后的每股收益从 0.96 增加到 1.22，超出预期的 1.14。</p>
<p>然而，公认会计原则（GAAP）显示运营损失达 4770 万美元，这主要是由于基于股票的补偿总计 4.526 亿美元，几乎占收入的 40%。股票回购操作缓解了稀释问题，但未能影响自由现金流，这就是为什么在行业收缩的背景下，成本敏感的股东感到不安。</p>
<h2>人工智能的担忧加剧了市场波动</h2>
<p>摩根士丹利的 Michael Wilson 在 2 月 19 日将 Atlassian 视为一个有利的入场点，并认为当前与人工智能相关的担忧压倒了云服务增长的成功故事。截至 2 月 23 日，股价跌至 52 周低点，每周下跌 10%，这表明首席财务官正在更换。</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/03/image-15.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/03/image-15.png"/></p>
<h2>前景：意外与乐观的道路</h2>
<p>Atlassian 预测全年收入增长 20%，并计划增加股票回购计划，以利用低估值水平。然而，当前预算预计在 GAAP 下将导致 3 亿美元的亏损，这可能会导致成本削减或裁员。可以基于关键评估认为，与人工智能相关的问题已经内嵌，因为通过人工智能集成努力，Atlassian 可以减少这些所谓的威胁。</p>
<p>如果实现利润稳定和加速增长，股权有可能根据乐观分析师的预测回升 5076%。尽管如此，这一过程在更广泛的行业困境中实施，将在极其严峻的情况下考验管理层的决策能力，敏锐的投资者可以在价格修正中找到关键的长期价值。</p>

TEAM

标普软件与服务 ETF - SPDR

北美科技软件股指数 ETF - iShares

<p>在 2026 年 2 月，Atlassian 的股票因对人工智能颠覆和经济不稳定的担忧而暴跌 36%，反映了软件行业的更广泛抛售。尽管收入增加至 15.9 亿美元，调整后的收益超出预期，但公司报告了 4770 万美元的 GAAP 运营亏损。对竞争和人工智能整合的担忧导致了波动，分析师建议如果实现利润稳定，可能会有增长。Atlassian 预测今年收入增长 20%，但预计将出现 3 亿美元的 GAAP 亏损，这引发了对成本管理和未来表现的质疑</p>

<p>In February 2026, the stock of collaboration software, Atlassian, fell by 36%, which also represents a robust sell-off in the software industry amid the fear of AI-related unrest and shaky economic markets. On March 4, the Nasdaq-traded company TEAM was actually trading at 78.36 after a one-day gain of 6.18, but this was a considerable monthly contraction of the pandemic-induced heights, and the current appraisals had gone down more than 80%. of their pandemic-heights.</p>
<div class="lb-trans"><p>2026 年 2 月，协作软件公司 Atlassian 的股票下跌了 36%，这也反映了由于对人工智能相关动荡和经济市场不稳定的担忧，软件行业出现了大规模抛售。3 月 4 日，这家在纳斯达克上市的公司 TEAM 的股价实际上在一天内上涨了 6.18，达到了 78.36，但这与疫情高峰期相比，月度收缩幅度相当可观，目前的估值已下降超过 80%。</p>
</div><h2>Lack of Software Sales Softens the Sand</h2>
<div class="lb-trans"><h2>软件销售疲软削弱了市场信心</h2>
</div><p>The problems that face Atlassian can be greatly blamed on systemic volatility of the market. The S&amp;P 500 Software index has dropped 19% of the year since the beginning down to the end of February, and over 90% of its components have limited cumulative returns.</p>
<div class="lb-trans"><p>Atlassian 面临的问题很大程度上可以归咎于市场的系统性波动。自年初至 2 月底，标普 500 软件指数下跌了 19%，其 90% 以上的成分股的累计回报有限。</p>
</div><p>On the assumption that nascent AI solutions could displace stalwart products such as the kanban boards in Jira, investors were selling out of high-valuation Software-as-a-Service companies, including Atlassian. As Atlassian operates mostly in the small- and medium-enterprise market, it will be vulnerable to more close competition as agile incumbents are offering custom AI-integrated services.</p>
<div class="lb-trans"><p>假设新兴的人工智能解决方案可能取代 Jira 中的看板等传统产品，投资者开始抛售高估值的服务软件公司，包括 Atlassian。由于 Atlassian 主要在中小企业市场运营，因此在灵活的竞争对手提供定制的人工智能集成服务时，它将面临更激烈的竞争。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/03/image-36-1080x675.jpeg" alt="" original-src="https://www.techi.com/wp-content/uploads/2026/03/image-36-1080x675.jpeg"/></p>
<h2>These fears Were Heightened By The Company’s Q2 Results, Which Were Released Last Month</h2>
<div class="lb-trans"><h2>这些担忧因公司上个月发布的第二季度业绩而加剧</h2>
</div><p>The last financial disclosures issued in the second quarter showed that the company had a revenue of $1.59 billion, which is a growth of 25% over the previous year and higher than the estimated amount in the market of $1.54 billion. Adjusted earnings per share increased to 1.22 as compared to 0.96, which is above expectations of 1.14.</p>
<div class="lb-trans"><p>第二季度发布的最后财务报告显示，公司收入为 15.9 亿美元，比去年增长了 25%，高于市场预估的 15.4 亿美元。调整后的每股收益从 0.96 增加到 1.22，超出预期的 1.14。</p>
</div><p>However, the Generally Accepted Accounting Principles GAAP values indicated a loss in operations amounting to 47.7 million, which was also mainly due to the share-based compensation totaling 452.6 million, which is almost 40% of revenue. Share repurchase operations alleviated the issue of dilution but did not affect the free cash flow, and that is why it was unstable to the shareholders who were cost-conscious, especially in the face of a sectoral contraction.</p>
<div class="lb-trans"><p>然而，公认会计原则（GAAP）显示运营损失达 4770 万美元，这主要是由于基于股票的补偿总计 4.526 亿美元，几乎占收入的 40%。股票回购操作缓解了稀释问题，但未能影响自由现金流，这就是为什么在行业收缩的背景下，成本敏感的股东感到不安。</p>
</div><h2>AI Fears Fuel Volatility</h2>
<div class="lb-trans"><h2>人工智能的担忧加剧了市场波动</h2>
</div><p>Michael Wilson of Morgan Stanley recognized Atlassian as a favorable entry point on February 19 and argued that the current AI-related fears overwhelm success stories in the form of cloud-service growth. As of February 23, the stock dropped to a 52-week low and 10% per week, which is indicative of a chief financial officer changeover.</p>
<div class="lb-trans"><p>摩根士丹利的 Michael Wilson 在 2 月 19 日将 Atlassian 视为一个有利的入场点，并认为当前与人工智能相关的担忧压倒了云服务增长的成功故事。截至 2 月 23 日，股价跌至 52 周低点，每周下跌 10%，这表明首席财务官正在更换。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.techi.com/wp-content/uploads/2026/03/image-15.png" alt="" original-src="https://www.techi.com/wp-content/uploads/2026/03/image-15.png"/></p>
<h2>Ahead, Accidental and Optimistic Road</h2>
<div class="lb-trans"><h2>前景：意外与乐观的道路</h2>
</div><p>Atlassian has predicted the growth of full-year revenue by 20% and plans to increase share-repurchase programmed to take advantage of low levels of valuation. However, the current budget is projected to result in a loss of $300million under GAAP, which presents the likelihood of a cost cut or downsizing. It can be argued based on a critical appraisal that AI-associated issues are baked in since, through AI integration efforts, Atlassian can reduce these alleged threats.</p>
<div class="lb-trans"><p>Atlassian 预测全年收入增长 20%，并计划增加股票回购计划，以利用低估值水平。然而，当前预算预计在 GAAP 下将导致 3 亿美元的亏损，这可能会导致成本削减或裁员。可以基于关键评估认为，与人工智能相关的问题已经内嵌，因为通过人工智能集成努力，Atlassian 可以减少这些所谓的威胁。</p>
</div><p>In the event that margin stability and accelerated growth were realized, equity has the potential to recede by 5076% per the bullish analyst forecasts. Nonetheless, this process, put into practice on a wider sectoral distress, will see managerial determination put to the test in an extremely harsh manner, and critical long-term value acquisition can be found as a price correction by discerning investors.</p>
<div class="lb-trans"><p>如果实现利润稳定和加速增长，股权有可能根据乐观分析师的预测回升 5076%。尽管如此，这一过程在更广泛的行业困境中实施，将在极其严峻的情况下考验管理层的决策能力，敏锐的投资者可以在价格修正中找到关键的长期价值。</p>
</div>

为什么 Atlassian（TEAM）的股票在 2026 年 2 月暴跌了 36%