Atlassian's Nasdaq-listed shares were up 32 per cent to $US146.21 in after-hours trading on Friday, their best level since January. Since then, the valuations of many software-as-a-service companies including Atlassian and ASX-listed Xero and US firms such as Adobe, Salesforce and HubSpot have tanked in what Wall Street dubbed the "SaaSpocalypse". Atlassian also swung to a $139 million profit for the June quarter following a $US24 million loss a year ago. Mr Cannon‑Brookes also announced overnight he would buy up to $US250 million in Atlassian shares, which trade under the TEAM ticker on the Nasdaq. He already owns 47 million Atlassian shares, worth about $US 6.9 billion ($A9.8 billion) based on the company's after-hours share price.