ASAN - Why Asana Stock Popped This Week
2023-03-10 11:30:07 ET
Shares of project management tool Asana (NYSE: ASAN) jumped 27.2% from last week's market close to Thursday's close, according to data provided by S&P Global Market Intelligence , after the company reported a solid quarter. Shares have given up some of those gains and are up 19.9% for the week as of 11 a.m. ET, but that's still a great week.
Quarterly revenue was up 34% to $150.2 million, which beat the $145.2 million that analysts expected, but Asana still had an operating loss of $99.2 million, or 66% of revenue.
From a cash-flow perspective, which excludes extremely high stock-based compensation expenses, Asana had negative $31.1 million in operating cash flow, which was better than the $39.3 million burned a quarter earlier.
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Why Asana Stock Popped This Week