Asana shares posted better-than-expected second quarter fiscal 2024 earnings and revealed an improved outlook for the full year after the closing bell on Tuesday.
For the quarter ended July 31, 2023, the work management tool reported revenue of $162.5 million, up 20% year-over-year and ahead of Asana’s revenue guidance range of $157.5 million to $158.5 million.
It posted a loss per share of $0.04, down from a loss per share of $0.34 in the year-ago quarter but ahead of its guidance range of a loss per share between $0.12 and $0.11.
The company also topped Street estimates for the top and bottom line, with analysts on average expecting a loss per share of $0.11 on revenue of $158.1 million.
“Asana’s 2Q results beat expectations on the top and bottom line. Revenue growth was better than our guidance, operating margin improved 37 percentage points, and we posted positive free cash flow,” Asana CEO Dustin Moskovitz said.
The company also improved its full-year fiscal 2024 outlook. It now expects revenue between $642 to $648 million, compared to its prior guidance of $640 to $648 million.
It expects a smaller loss per share of $0.42 to $0.39 compared to its previous guidance of a loss per share of $0.55 to $0.50.
Asana shares traded down 2.5% at US$21.02 shortly following the release of its 2Q results.
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