Why Asana Stock Popped Today
Shares of Asana (NYSE: ASAN) popped by as much as 11% today after the company reported fiscal first-quarter earnings. The results topped expectations and guidance was strong. As of 11:15 a.m. EDT, the stock was up 7%.
Revenue in the fiscal first quarter jumped 61% to $76.7 million, easily beating the consensus estimate of $70.1 million. That resulted in an adjusted net loss of $33.8 million, or $0.21 per share, which was better than the $0.28 per share in adjusted losses that Wall Street analysts were modeling for. The technology company, which operates an enterprise work management platform, reported a dollar-based net retention rate of 115%. That metric measures spending from existing customers.
Image source: Asana.
Source Fool.com
