Asana, Inc. (NYSE: ASAN) shares plunged more than 18% after-hours as the company sees a larger-than-expected loss in the current quarter.

For the fourth quarter of 2022, EPS of ($0.25) came in better than the consensus estimate of ($0.28). Revenue grew 64% year-over-year to $111.9 million, compared to the consensus estimate of $105.16 million, driven by strength in the enterprise and strong demand across the customer base.

The company ended the year with more than 119,000 paying customers. The number of customers spending $5,000 or more on an annualized basis increased 52% year-over-year to 15,437 in Q4, with the revenues from these customers growing 82% year-over-year. The number of customers spending $50,000 or more on an annualized basis increased 125% year-over-year to 894.

The company expects Q1/23 EPS in the range of ($0.36)-($0.35), worse than the consensus estimate of ($0.27). Revenue is expected to be $114.5-115.5 million, compared to the consensus estimate of $110.91 million.

For the full 2023-year, the company expects revenue to range from $527 million to $531 million, compared to the consensus estimate of $506.3 million.