Atlassian Layoffs 1600 Jobs, Invests in AI

0:00The latest headlines, weather, and stories right here on Sydney News today. At Lassian, the big Australian software company is laying off 10% of its global workforce that's about 1,600 jobs. Nearly 500 of those cuts are hitting its home base in Australia, as artificial intelligence takes over some labor needs. Chief Executive Mike Cannon Brooks shared the news in a pre-recorded video posted online. Within 20 minutes, the company emailed affected employees to let them know their roles were impacted. These layoffs are tough on people. Creating major disruptions in their lives. The CEO stressed that every contribution mattered, but he believes this move is key for the company's long-term health. The savings from these cuts will fund more investment in AI and enterprise sales. Leaders say combining people with AI delivers the best results even if it shifts the skills and roles needed. Meanwhile, at Lassian remains financially solid with over $5 billion in revenue

1:00last year and strong cash flow. Its stock has dropped sharply lately, but construction continues on a massive new office tower near Sydney Central Station. This episode is supported by our sponsor, C Details in the description. A pillow that plays your sound quietly, comfortably, effortlessly, built for nighttime listening, S-O-L-L-I-SOLI-Pillow.com