ASAN - Why Asana Stock Skyrocketed Today
2023-03-09 12:52:05 ET
Shares of work-collaboration software company Asana (NYSE: ASAN) skyrocketed on Thursday after the company reported strong financial results for the fourth quarter of its fiscal 2023. As of 11:30 a.m. ET, Asana stock was up 22% and has now doubled in value from the all-time low it touched earlier this year.
In its fiscal Q4, which ended Jan. 31, Asana generated revenue of over $150 million, up 34% year over year and ahead of management's guidance of $144 million to $146 million. Kudos to DA Davidson analyst Robert Simmons, who read the tea leaves correctly on this stock last week when he said he believed third-party data was pointing to a strong quarter for the company.
In the quarter, Asana added 732 net new customers spending at least $5,000 annually. It also added 13 net new customers spending at least $100,000 annually. And the company ended the quarter with these customer cohorts up 26% and 49% year over year, respectively.
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Why Asana Stock Skyrocketed Today