Why Asana Shares Are Falling

Asana Inc ASAN shares are trading lower after the company reported fourth-quarter earnings results and issued first-quarter adjusted EPS guidance below analyst estimates.

Asana sees first-quarter adjusted EPS as low as a loss of 36 cents or as high as a loss of 35 cents, which is below the analyst consensus estimate of a loss of 27 cents.

Asana also sees first-quarter sales as low as $114.5 million or as high as $115.5 million, which is above the analyst consensus estimate of $110.9 million.

"Our fiscal year revenue growth accelerated versus the previous year, led by strength in the enterprise and strong demand across the customer base," said Dustin Moskovitz, co-founder and chief executive officer of Asana. 

"Many of the most recognized companies in the world are choosing Asana as their platform for cross team work. Our product strategy is resonating and the addressable market is large, representing over 1.25 billion knowledge workers. We are cementing our leadership position by increasing investments further to meet this large and growing enterprise demand," Moskovitz stated.

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​​Asana is a software company. The company provides a platform for work management that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives.

Asana has a 52-week high of $145.79 and a 52-week low of $25.41.