Australian software-company Atlassian (NASDAQ: TEAM) specializes in productivity and team collaboration. It provides tools that help businesses plan, track, and complete projects more efficiently, a relevant value proposition across many different industries. But investors have turned bearish on Atlassian as the challenging economic climate has weighed on its business, and the stock is currently 68% off its high.

Atlassian has never seen its share price fall more sharply at any point in its history. Investors should treat the drawdown as a buying opportunity. Here's why.

Atlassian reported mixed financial results in the first quarter of fiscal 2023 (ended Sept. 30), beating consensus estimates on the top line as revenue climbed 31% to $807 million. But it missed estimates on the bottom line, as non-GAAP earnings dropped 3% to $0.36 per diluted share. Management also provided second-quarter guidance that fell short of Wall Street's expectations, citing two headwinds related to customer growth.

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Source Fool.com