After-Hours Alert: Why Asana Stock Is Surging

Asana Inc ASAN shares are trading higher in Wednesday's after-hours session after the company reported better-than-expected financial results and issued strong guidance.

Asana said second-quarter revenue increased 51% year-over-year to $134.9 million, which beat average analyst estimates of $127.24 million, according to Benzinga Pro. The company reported an adjusted net loss of 34 cents per share, which beat average analyst estimates for a loss of 39 cents per share.

"Growth was driven by large enterprise deals and momentum in the US, with the number of customers spending $100,000 or more on an annualized basis up 105 percent," said Dustin Moskovitz, co-founder and CEO of Asana.

Asana expects third-quarter revenue to be between $138.5 million and $139.5 million versus the estimate of $137.64 million. Full-year revenue is expected to be between $544 million and $547 million versus the estimate of $535.32 million.

The company expects a third-quarter net loss between 32 cents and 33 cents per share versus the estimate for a loss of 32 cents per share. 

ASAN Price Action: Asana has a 52-week high of $76.93 and a 52-week low of $16.19.

The stock was up 8.13% in after-hours at $20.60 at the time of publication.

Photo: StockSnap from Pixabay.