ASAN Surges On Beat-and-Raise Quarter

Shares of Asana Inc. (ASAN) are soaring over 25% Thursday morning, after the company raised its full-year guidance, while reporting better-than-expected Q2 results.

The stock is currently trading at $23.81, up $4.77 or 25.05%, with trading volume surging over 8.93 million versus an average volume of 3.02 million shares. ASAN has been trading between $16.19 and $145.79 for the past one year.

FY23, Q3 Guidance

For fiscal year 2023, Asana currently expects revenues to be in the range of $544.0 million – $547.0 million, representing year over year growth of 44% – 45%. Ten Wall Street analysts have a consensus revenue estimate of $535.32 million for fiscal 2023.

Previously, the company expected FY23 revenues of $536.0 million – $540.0 million, representing year over year growth of 42% – 43%.

For the third quarter of fiscal 2023, the company projects revenues of $138.5 million – $139.5 million, representing year over year growth of 38% – 39%; non-GAAP operating loss of $66 million – $63 million; and non-GAAP net loss per share of $0.33 – $0.32. Analysts expect a loss of $0.32 per share on revenue of $137.64 million for the quarter.

Q2 Results

The company’s Q2 GAAP net loss was $113.0 million or $0.59 per share, compared to GAAP net loss of $68.4 million or $0.40 per share in the second quarter of fiscal 2022. Non-GAAP net loss was $64.3 million or $0.34 per share, versus a loss of $39.8 million or $0.23 per share last year. Revenues were $134.9 million, an increase of 51% year over year.

Analysts polled by Thomson Reuters expected a loss of $0.39 per share on revenue of $127.24 million for the quarter. Analysts’ estimate typically exclude certain special items.

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