Asana (ASAN) Stock Dropped 16% Despite Q3 Beat

Asana, Inc. (NYSE: ASAN) shares were trading around 16% after-hours, despite the company’s reported Q3 beat, with EPS coming in at ($0.23), better than the consensus estimate of ($0.26). Quarterly revenue grew 70% year-over-year to $100.3 million, compared to the consensus estimate of $93.69 million.

Total number of paying customers grew by 7,000 to over 114,000, with the number of customers spending >$5,000 up 58% year-over-year to 14,143, and the number of customers spending >$50,000 up 132% year-over-year to 739.

The company expects Q4 EPS of ($0.28)-($0.27), compared to the consensus estimate of ($0.27). Q4 revenue is expected to be $104.5-105.5 million, better than the consensus estimate of $98.74 million.

For the full 2022-year, the company expects EPS of ($0.96)-($0.95), compared to the consensus estimate of ($1.00), and revenue of $371-372 million, compared to the consensus estimate of $358.75 million.

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