Atlassian co-founder and chief executive Mike Cannon-Brookes insists that the development of new artificial intelligence technology is a big growth opportunity rather than a threat to the company, as analysts and investors back it to reach profitability by mid-2027.

Cannon-Brookes was in New York on Thursday to give a speech to mark the 10th anniversary of Atlassian’s Nasdaq listing, which occurred as the company struggles through a prolonged share price slump. Its stock is down 40 per cent in the past year.