<p>2026 年 2 月，協作軟件公司 Atlassian 的股票下跌了 36%，這也反映了由於對人工智能相關動盪和經濟市場不穩定的擔憂，軟件行業出現了大規模拋售。3 月 4 日，這家在納斯達克上市的公司 TEAM 的股價實際上在一天內上漲了 6.18，達到了 78.36，但這與疫情高峰期相比，月度收縮幅度相當可觀，目前的估值已下降超過 80%。</p>
<h2>軟件銷售疲軟削弱了市場信心</h2>
<p>Atlassian 面臨的問題很大程度上可以歸咎於市場的系統性波動。自年初至 2 月底，標普 500 軟件指數下跌了 19%，其 90% 以上的成分股的累計回報有限。</p>
<p>假設新興的人工智能解決方案可能取代 Jira 中的看板等傳統產品，投資者開始拋售高估值的服務軟件公司，包括 Atlassian。由於 Atlassian 主要在中小企業市場運營，因此在靈活的競爭對手提供定製的人工智能集成服務時，它將面臨更激烈的競爭。</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>這些擔憂因公司上個月發佈的第二季度業績而加劇</h2>
<p>第二季度發佈的最後財務報告顯示，公司收入為 15.9 億美元，比去年增長了 25%，高於市場預估的 15.4 億美元。調整後的每股收益從 0.96 增加到 1.22，超出預期的 1.14。</p>
<p>然而，公認會計原則（GAAP）顯示運營損失達 4770 萬美元，這主要是由於基於股票的補償總計 4.526 億美元，幾乎佔收入的 40%。股票回購操作緩解了稀釋問題，但未能影響自由現金流，這就是為什麼在行業收縮的背景下，成本敏感的股東感到不安。</p>
<h2>人工智能的擔憂加劇了市場波動</h2>
<p>摩根士丹利的 Michael Wilson 在 2 月 19 日將 Atlassian 視為一個有利的入場點，並認為當前與人工智能相關的擔憂壓倒了雲服務增長的成功故事。截至 2 月 23 日，股價跌至 52 周低點，每週下跌 10%，這表明首席財務官正在更換。</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：意外與樂觀的道路</h2>
<p>Atlassian 預測全年收入增長 20%，並計劃增加股票回購計劃，以利用低估值水平。然而，當前預算預計在 GAAP 下將導致 3 億美元的虧損，這可能會導致成本削減或裁員。可以基於關鍵評估認為，與人工智能相關的問題已經內嵌，因為通過人工智能集成努力，Atlassian 可以減少這些所謂的威脅。</p>
<p>如果實現利潤穩定和加速增長，股權有可能根據樂觀分析師的預測回升 5076%。儘管如此，這一過程在更廣泛的行業困境中實施，將在極其嚴峻的情況下考驗管理層的決策能力，敏鋭的投資者可以在價格修正中找到關鍵的長期價值。</p>

TEAM

標普軟件與服務 ETF - SPDR

北美科技軟件股指數 ETF - iShares

<p>在 2026 年 2 月，Atlassian 的股票因對人工智能顛覆和經濟不穩定的擔憂而暴跌 36%，反映了軟件行業的更廣泛拋售。儘管收入增加至 15.9 億美元，調整後的收益超出預期，但公司報告了 4770 萬美元的 GAAP 運營虧損。對競爭和人工智能整合的擔憂導致了波動，分析師建議如果實現利潤穩定，可能會有增長。Atlassian 預測今年收入增長 20%，但預計將出現 3 億美元的 GAAP 虧損，這引發了對成本管理和未來表現的質疑</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，協作軟件公司 Atlassian 的股票下跌了 36%，這也反映了由於對人工智能相關動盪和經濟市場不穩定的擔憂，軟件行業出現了大規模拋售。3 月 4 日，這家在納斯達克上市的公司 TEAM 的股價實際上在一天內上漲了 6.18，達到了 78.36，但這與疫情高峰期相比，月度收縮幅度相當可觀，目前的估值已下降超過 80%。</p>
</div><h2>Lack of Software Sales Softens the Sand</h2>
<div class="lb-trans"><h2>軟件銷售疲軟削弱了市場信心</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 面臨的問題很大程度上可以歸咎於市場的系統性波動。自年初至 2 月底，標普 500 軟件指數下跌了 19%，其 90% 以上的成分股的累計回報有限。</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>假設新興的人工智能解決方案可能取代 Jira 中的看板等傳統產品，投資者開始拋售高估值的服務軟件公司，包括 Atlassian。由於 Atlassian 主要在中小企業市場運營，因此在靈活的競爭對手提供定製的人工智能集成服務時，它將面臨更激烈的競爭。</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>這些擔憂因公司上個月發佈的第二季度業績而加劇</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>第二季度發佈的最後財務報告顯示，公司收入為 15.9 億美元，比去年增長了 25%，高於市場預估的 15.4 億美元。調整後的每股收益從 0.96 增加到 1.22，超出預期的 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，公認會計原則（GAAP）顯示運營損失達 4770 萬美元，這主要是由於基於股票的補償總計 4.526 億美元，幾乎佔收入的 40%。股票回購操作緩解了稀釋問題，但未能影響自由現金流，這就是為什麼在行業收縮的背景下，成本敏感的股東感到不安。</p>
</div><h2>AI Fears Fuel Volatility</h2>
<div class="lb-trans"><h2>人工智能的擔憂加劇了市場波動</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 日將 Atlassian 視為一個有利的入場點，並認為當前與人工智能相關的擔憂壓倒了雲服務增長的成功故事。截至 2 月 23 日，股價跌至 52 周低點，每週下跌 10%，這表明首席財務官正在更換。</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：意外與樂觀的道路</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 預測全年收入增長 20%，並計劃增加股票回購計劃，以利用低估值水平。然而，當前預算預計在 GAAP 下將導致 3 億美元的虧損，這可能會導致成本削減或裁員。可以基於關鍵評估認為，與人工智能相關的問題已經內嵌，因為通過人工智能集成努力，Atlassian 可以減少這些所謂的威脅。</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>如果實現利潤穩定和加速增長，股權有可能根據樂觀分析師的預測回升 5076%。儘管如此，這一過程在更廣泛的行業困境中實施，將在極其嚴峻的情況下考驗管理層的決策能力，敏鋭的投資者可以在價格修正中找到關鍵的長期價值。</p>
</div>

為什麼 Atlassian（TEAM）的股票在 2026 年 2 月暴跌了 36%