Asana Inc shares sank as much as 9% in Tuesday’s after-hours session after the work management platform’s third quarter fiscal 2024 financial results exceeded expectations, but investors punished its stock following another quarterly loss.
The company reported a 3Q adjusted net loss of $0.04 a share on revenue that rose 18% year over year to $166.5 million.
The analyst consensus forecast was for an adjusted net loss of $0.11 a share and $164.1 million in revenue.
"Overall revenue growth was better than our guidance, revenues from our Core customers grew 20 percent, and operating margin improved significantly year over year," Asana CEO Dustin Moskovitz said in a statement.
"Revenues from customers spending $100,000 or more grew even faster than our overall revenues as we continue to forge partnerships with some of the largest organizations in the world."
Looking ahead, Asana expects full year 2024 revenue of $648.50 million to $649.50 million, compared with the analyst consensus of $646.10 million, along with a better-than-expected loss of $0.26 to $0.27 per share.
Contact Sean at sean@proactiveinvestors.com