Why did Asana Inc. (ASAN) Stock plunge in the after-hours on Thursday? – Marketing Sentinel
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Why did Asana Inc. (ASAN) Stock plunge in the after-hours on Thursday?

Asana Inc. (ASAN) shares declined 16.15% in after-hours on Thursday, December 02, 2021, and closed the daily trading at $76.30. However, in the regular trading session, ASAN’s stock gained 1.16%. ASAN shares have risen 240.70% over the last 12 months, and they have moved down 14.79% in the past week. Over the past three months, the stock has gained 2.06%, while over the past six months, it has soared 132.20%.

Let’s have a brief discussion about its recent news and developments.

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ASAN latest news

On December 02, 2021, Asana, Inc. (ASAN), announced financial results for its third-quarter fiscal 2022 ended October 31, 2021.

Q3 2022 financial highlights

  • ASAN reported total record revenue of $100.3 million in Q3 2022 compared to $58.9 million in Q3 2021.
  • In Q3 2022, the total cost of revenue was $9.58 million compared to $7.32 million in Q3 2021.
  • Total operating expenses were $158.84 million in Q3 2022 compared to $113.5 million in Q3 2021.
  • It suffered a net loss of $69.3 million or net loss per share of $0.37 in Q3 2022, compared to GAAP net loss of $73.3 million or net loss per share of $0.65 in the third quarter of fiscal 2021.

Q4 2022 Financial outlook

  • Revenue in the range of $104.5 million to $105.5 million
  • Non-GAAP operating loss of $53.0 million to $51.0 million.
  • Non-GAAP net loss per share of $0.28 to $0.27.

FY 2022 financial outlook

  • Revenue in the range of $371.0 million to $372.0 million.
  • Non-GAAP operating loss of $166.0 million to $164.0 million.
  • Non-GAAP net loss per share of $0.96 to $0.95.

ASAN new appointment

On November 09, 2021, Asana, Inc (ASAN) appointed Amit Singh to its Board of Directors.

Currently, Singh serves as Chief Business Officer for Palo Alto Networks. Before joining Palo Alto Networks, Singh held several roles at Google. Prior to Google, Singh spent 20 years at Oracle in various product, engineering, sales, and strategy roles.

ASAN Partners ecosystem expansion

On October 20, 2021, Asana, Inc. (ASAN) announced to expand the Asana Partners ecosystem of IT partners to provide complex enterprises with the confidence needed to adapt to the security and scalability challenges of the work from everywhere era.

Asana Partners, an ecosystem of over 200 essential work tools and strategic channel partners was launched earlier this year across 75 countries. Now the company is expanding Asana Partners to provide IT, leaders and admins, with increased control and support to keep cross-functional teams connected.

Conclusion

Asana beat the revenue estimates but it still facing net loss which could be the reason behind its decline in the after-hours session. The stock markets are also facing significant pressure due to the new variant of covid-19.

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