ASAN - Why Asana Stock Dropped Today
2023-12-06 13:51:36 ET
Shares of Asana (NYSE: ASAN) were down 16.3% as of 1:30 p.m. ET Wednesday despite a stronger-than-expected quarterly report from the work management software company.
Indeed, Asana's fiscal third-quarter revenue grew 18% year over year to $166.5 million, translating to an adjusted ( non-GAAP ) net loss of $8.2 million, or $0.04 per share. Analysts, on average, were modeling a wider net loss of $0.11 per share on revenue of $164 million.
Asana co-founder and CEO Dustin Moskovitz credited the revenue beat to a 20% increase in revenue from core customers -- or those spending at least $5,000 in annual recurring revenue (ARR) on Asana's platform. The number of core customers also grew 14% year over year to 21,346. Asana also saw momentum from even larger customers, with an 18% increase (to 580) in the number of clients spending $100,000 or more.
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Why Asana Stock Dropped Today