ASAN - Is Asana a Buy Now?
Software company Asana (NYSE: ASAN) has fallen 92% from its all-time high as the market punishes companies that aren't generating any income. High growth is no longer enough; there has to be a plan to become profitable, and investors are questioning whether Asana can get there.
But this company is growing much more quickly than a lot of other tech stocks, and it may be able to grow out of the current financial hole it's in. I'm looking at Asana's risk versus reward to see if the company is a buy now.
Asana's financial position will set some groundwork for how to look at the stock. In the third quarter of fiscal 2023, Asana saw a 41% increase in revenues to $141.4 million. However, the company also saw an increase in its operating loss, with a GAAP operating loss of $101.1 million, or 71% of revenues, compared to a $68.1 million loss for the same period a year ago. The non-GAAP operating loss was $52.6 million, or 37% of revenues.
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Is Asana a Buy Now?