Asana shares fell more than 27% to about $12 after the work management platform announced the retirement of its CEO and issued disappointing revenue guidance.
CEO Dustin Moskovitz, who co-founded Asana 17 years ago, will transition to the role of chair once a successor has been appointed.
The company has retained a leading executive search firm to carry out a search for its next leader.
“The board is engaged in a thorough process to identify the right successor to lead Asana’s next phase of growth,” Moskovitz said in a statement.
“I know that Asana is positioned for long-term success and am confident that an experienced leader well-matched to the company’s stage and potential will build on Asana’s strong track record of innovation, including the recent launch of AI Studio, which I believe will usher in a new era of growth and profitability.”
Also weighing on the company’s shares on Tuesday was weaker-than-expected fiscal 2026 revenue guidance.
The company projected $786 million at the midpoint, short of the $803.5 million expected by analysts.
For Q4, break-even earnings per share were better than the $0.01 loss per share expected while revenue increased 10% year-over-year to $188.3 million, narrowly ahead of estimates of $188.1 million.