Asana Rises On Revising Fiscal Guidance As Quarterly Loss Narrows By Investing.com

By Dhirendra Tripathi

Investing – Asana (NYSE:ASAN) shares jumped Friday after the company raised its revenue guidance for the fiscal year while reporting a narrower quarterly loss.

For fiscal year 2022, Asana expects revenue of $336 million to $340 million, representing year over year growth of 48% to 50%.

The company had in March guided for revenue of $309 million to $314 million for the ongoing financial year.

Asana enables a work management platform for corporates by providing them software to manage their teams on a real-time basis.

For the first quarter ended April 30, it had over 100,000 paying customers with revenue from customers spending $5,000 or more growing 82% year-over-year.

Revenue rose 61%, to $76.7 million in the first quarter, surpassing the Street’s expectation of $70.14 million.

The non-GAAP net loss per share was 21 cents, compared to 31 cents in the first quarter of fiscal 2021.

For the second quarter, Asana expects revenue of $81 million to $83 million and a non-GAAP net loss per share of 27 cents to 26 cents.