Atlassian shares surge nearly 25 per cent

Capital.com’s Senior Financial Market Analyst Kyle Rodda spoke on the surge of Atlassian’s share price as it soars 24.81 per cent.

“People were literally talking about armageddon or SaaS-copalypse,” Mr Rodda told Sky News Australia.

“Really, we saw Atlassian throughout the back end of last year and the start of last year really beaten up, and there’s sort of fear that artificial intelligence … will destroy Atlassian’s business model.

“That is obviously proving not to be the case, and if there is some kind of catastrophe, it is not hitting Atlassian’s profits just yet.”