Asana Inc shares soared more than 25% on Thursday morning after the company posted an earnings beat for the fourth quarter of fiscal 2023 and its CEO Dustin Moskovitz revealed he plans to purchase up to 30 million shares of the stock.
Moskovitz is likely to buy the stock under a trading plan with purchases to occur between June 8 and December 29, 2023.
Also buoying the project management software company’s stock was its better-than-expected 4Q fiscal 2023 results where it posted revenue growth of 34% year-over-year at $150.2 million, exceeding of the Street’s expectation of $145.1 million.
The company narrowed its adjusted operating loss to $37.4 million, down from an adjusted loss of $43.9 million in the year-ago quarter.
Adjusted loss per share came in at $0.15, compared to a loss of $0.25 per share in 4Q fiscal 2022 and ahead of the consensus forecast of a loss of $0.27.
For the full-year fiscal 2023, the company posted a 45% revenue bump to $547.2 million and an adjusted net loss per share of $1.04, compared to a loss per share of $0.92 in fiscal 2022.
Shares of Asana added 26% at US$22.43 shortly after the opening bell on Thursday.
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