Asana, Inc. (ASAN), a company that operates a work management platform, has plunged 16.14% in aftermarket trading session. Consequently, ASAN stock is trading at $76.31 at the time of the writing. In the late hours of Thursday, markets across the US tumbled, as more and more states are reporting Omicron cases. As a result, ASAN stock also bore the brunt, causing a slide in share price. On Thursday, ASAN closed the day at $91 after a steady increase of 1.16% during the regular trading session.
ASAN Q3 2022 Operational Results
On Thursday, ASAN released the operational results for the third quarter of fiscal year 202. The quarter ended on 31st October. The company generated net revenue of $100.3 million during the quarter against $58.9 million during the same quarter of fiscal 2021. The total operating expenses bore by the company during the quarter were $158.8 million against $113.5 million for the same quarter of the fiscal year 2021. The net loss suffered by the company during the quarter was $69.2 million (or $0.37 per basic and diluted share) against $73.2 million (or $0.65 per basic and diluted share) for the same quarter of fiscal 2021.
Financial Outlook for Q4 2022
Alongside the operational results, ASAN also reported the financial outlook for the upcoming quarter. The company expected to generate revenue in the range of $104.5 million to $105.5 million. That represented year-over-year growth of 53% to 54%. The non-GAAP operating loss was estimated to be in the range of $53 million to $51 million. The company expected the non-GAAP net loss per share of $0.28 million to $0.27 million.
Executive Commentary
Dustin Moskovitz, co-founder, and chief executive officer of ASAN, while commenting on the results said that the third quarter was another stronger quarter with respect to financial performance. The company is excited that it exceeded two million paid seats. He said that Asana exemplifies what cross-functional work management at scale looks like.
Future Outlook for ASAN
During the last 6 months, ASAN stock has surged more than 130%. With dreams ahead, the company hopes to continue similar sorts of performance in the stock market in the future to come.
