ASAN - Asana shares tumble 26% on sales growth concerns

Asana (NYSE:ASAN) shares were deep in the red, Friday, falling as much as 26% due to concerns about slowing revenue growth at the project-management software company. On Thursday, Asana (ASAN) reported better-than-expected third-quarter results highlighted by surpassing $100 million in quarterly revenue for the first time. For its fourth quarter, Asana (ASAN) said it expects to lose between 27 cents and 28 cents a share, on revenue in a range of $104.4 million to $105.5 million. And while Asana's (ASAN) sales are forecast to rise, the rate of revenue and billings growth brought out some concerns on Wall Street. Asana (ASAN) said that its third-quarter revenue rose 70% from the same period a year ago, which was down from the 72% year-over-year growth the company saw in the second quarter this year. Third-quarter billings rose by 56% from a year ago, but that, too, slowed from the 81% annual billings

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Asana shares tumble 26% on sales growth concerns