Asana Inc Shares Tumble After Q3 Results: What's Going On?

Asana, Inc. ASAN shares are lower after-hours Tuesday after the company reported third-quarter financial results.

The Details:

Asana reported quarterly losses of 4 cents per share, beating the analyst consensus estimate of a loss of 11 cents per share by 63.64% and representing a 84.62% increase over losses of 26 cents per share from the same period last year.

The company also reported third-quarter sales of $166.5 million, beating the consensus estimate of $164.14 million and representing a 17.72% increase over sales of $141.44 million from the same period last year.

Asana sees fourth-quarter losses between 9 and 10 cents versus the estimate of a loss of 16 cents per share, and fourth-quarter revenue between $167 million and $168 million versus the $166.83 million estimate.

“Asana’s Q3 results beat expectations on the top and bottom line. Overall revenue growth was better than our guidance, revenues from our Core customers grew 20 percent, and operating margin improved significantly year over year," said Dustin Moskovitz, CEO of Asana.

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ASAN Price Action: According to Benzinga Pro, Asana shares are down 8% at $21.45 in after-hours trading at the time of publication.

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