Asana Q1 Earnings Highlights: Revenue And EPS Beat, Record Q1 Revenue, Guidance And More

Zinger Key Points
  • Asana reported first-quarter revenue of $120.65 million, up 57% year-over-year and a first-quarter company record.
  • The company ended the quarter with 126,000 paying customers.

Work management company Asana Inc ASAN reported first-quarter financial results after market close Thursday. Here are the key highlights.

What Happened: Asana reported first-quarter revenue of $120.65 million, up 57% year-over-year and a first-quarter company record. The first-quarter revenue total beat a Street estimate of $115.05 million, according to data from Benzinga Pro.

Asana reported a net loss of 30 cents per share, which beat a Street estimate of a loss of 36 cents per share.

Revenue from customers who spend $5,000 or more annually with Asana grew 73% year-over-year. Revenue from customers who spend $50,000 or more annually with Asana grew 102% year-over-year.

“We reported strong revenue growth in the first quarter and we set a new record for the largest deployment in the company’s history at over 100,000 seats,” Asana CEO and co-founder Dustin Moskovitz said.

The company ended the quarter with 126,000 paying customers.

Related Link: Why Asana Shares Are Popping Off Today 

What’s Next: Asana is guiding for second-quarter revenue to come in a range of $127 million to $128 million versus a Street estimate of $125.3 million.

The company is guiding for a net loss of 39 cents to 38 cents per share for the second quarter.

Full-year guidance for the company sees revenue coming in a range of $536 million to $540 million, representing year-over-year growth of 42% to 43%.

“We are closing bigger net new customers, our largest customers are expanding at a fast pace and our revenue mix from our Enterprise and Business tier continues to climb,” Moskovitz said.

ASAN Price Action: Asana shares are down 5.85% to $22.70 in after-hours trading at the time of publication. Asana shares were up 13.73% to $24.11 during Thursday’s trading session.

Photo: rafapress via Shutterstock

 

Posted In: dustin moskovitzTechnology Stockswork management companiesEarningsNewsMoversTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.