Why Asana Shares Are Trading Sharply Lower After Hours

Asana Inc ASAN shares are trading lower in Thursday's after-hours session after the company reported third-quarter financial results, issued soft guidance and warned of continuing macroeconomic pressures.

What Happened: Asana said third-quarter revenue increased 41% year-over-year to $141.4 million. The number beat average analyst estimates of $139.37 billion. The company said its strong top-line results were driven by success with large enterprises. 

Asana reported a quarterly net loss of 26 cents per share, which beat estimates for a loss of 32 cents per share.

"While macroeconomic cross currents continue to impact the business in the near term, our leading technology and strong brand position us well in the enormous and untapped Work Management market over the long term," said Dustin Moskovitz, co-founder and CEO of Asana.

Outlook: Asana expects fourth-quarter revenue to be between $144 million and $146 million versus average estimates of $151.06 million. The company anticipates a fourth-quarter net loss between 27 and 28 cents per share versus estimates for a loss of 29 cents per share.

Asana sees full-year revenue in a range of $541 million to $543 million versus estimates of $545.89 million. The company anticipates a full-year net loss in a range of $1.14 to $1.15 per share versus estimates for a loss of $1.25 per share.

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ASAN Price Action: Asana shares are down 12.4% in after hours at $15.80 at time of publication, according to Benzinga Pro.

Photo: Photo Mix from Pixabay.