ASAN - Asana soars 27% as company tops Q2 estimates offers strong guidance

September, 08 2022 11:27 AM Asana Inc. Class A

Asana ( NYSE: ASAN ) shares soared more than 27% on Thursday after the communications software company reported second-quarter results that topped estimates and offered strong third-quarter guidance, assuaging investor fears.
For the period ending July 31, Asana ( ASAN ) lost 34 cents per share, excluding one-time items, while revenue came in at $134.9M, up 50.7% year-over-year. Analysts were expecting the company to lose 39 cents per share on a non-GAAP basis and $127.27M in revenue.
In addition, Asana ( ASAN ) said it expects third-quarter revenue to be between $138.5M and $139.5M, up between 38% and 39% year-over-year. Analysts were expecting $137.83M in sales for the next quarter.
Additionally, Asana ( ASAN ) said it sold 19.3M class A shares, worth $350M, to its CEO Dustin Moskovitz, in a private placement.
The company is going to use the net proceeds from the private placement for working capital and general corporate purposes.
Last month, investment firm RBC said Asana ( ASAN ) was ?seen in a negative light, due to its cash burn, a high exposure to startups and the fact it has "more product than platform. "

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