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Asana Jumps After Stronger Than Expected Quarter

Asana jumped after the work-management platform reported a narrower-than-expected loss on stronger-than-expected revenue.
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Shares of Asana  (ASAN)  jumped Friday after the work-management platform reported a narrower-than-expected first-quarter loss on stronger-than-expected revenue

For the quarter ended April 30 the San Francisco company shrank its net loss to 37 cents a share from 47 cents in the year-earlier period. The latest adjusted loss was 21 cents a share. 

Shares outstanding more than doubled to 162.1 million from 75.6 million. 

Analysts surveyed by FactSet were expecting the company to report an adjusted loss of 27 cents a share.

Revenue of $76.7 million beat the FactSet consensus estimate of $70.1 million. 

Shares of Asana at last check were 5.2% higher at $38.69. 

Asana "closed large expansions within our existing base and continued to see momentum with some of our largest enterprise customers," Chief Executive Dustin Moskovitz said in a statement.

The company's systems enable users to plan and build projects, coordinate teams and tasks, monitor progress of initiatives and more.

Asana reported a 53% increase in the number of customers spending $5,000 or more, to 11,272. 

The number of customers that spent $50,000 or more grew 92% year over year to 485. 

Read More: Asana Rises in First Day of Trading After NYSE Direct Listing 

For the second quarter, the company expects revenue between $81 million and $83 million, which would reflect growth of as much as 60%. Analysts surveyed by FactSet are expecting revenue of $82.3 million. 

For the fiscal year, Asana expects revenue growth between 48% and 50%, or revenue of $336 million to $340 million. FactSet's call: $338.7 million.