Shares of the Asana, Inc. (ASAN) stock rallied in the Pre-market following the announcement of second-quarter fiscal 2022 revenues. ASAN stock price saw a push of 10.22% to reach $85.18 a share at the time of this writing. The stock gained momentum in the previous trade and went up by 2.29% at closing. The trading volume as of this writing was 1,954,550. Let’s dig in to understand more about this stock.
Second Quarter Fiscal 2022 Financial Results:
- Asana generated $89.5 million in revenue in the reported quarter ended June 30, 2021. This revenue represents a 72% increase over the year.
- Asana suffered a GAAP operating loss of $60.1 million, or 67% of revenues in the second quarter. Previous year’s GAAP operating loss for the same tenure was $33.6 million, or 65% of revenues
- ASAN stock reported a non-GAAP operating loss of $38.6 million, or 43% of revenues in the three months ended June 30, 2021. This loss was $27.2 million, or 52% of revenues in the same tenure of the previous year.
- GAAP net loss for ASAN stock was $68.4 million, compared to $41.1 million in the prior-year same quarter.
- Non-GAAP net loss for ASAN stock reached $39.8 million in the reported quarter, compared to $26.3 million in the prior-year same period.
- Asana reported $8.5 million cash flows from operating activities while the previous year’s cash flow from operating activities was negative $22.1 million.
Business Developments of ASAN stock:
- By the end of the second quarter of fiscal 2022, Asana had more than 107,000 paying customers.
- Customers that spend more than $5000 and $50,000 on annual basis grew to 12,806 and 598
- Asana recorded a 118% overall dollar base retention rate. This rate was 125% for customers with $5000 or more spend and 145% for customers having $50,000 or more spend.
- Asana introduced many new productive suite features along with the addition of 13 new languages in the work management platform.
- ASAN stock introduced the Asana app for Zoom and also introduced the new desktop app.
New Appointment by ASAN stock:
Yesterday on September 1, 2021, Asana stock announced the appointment of Anne Raimondi as the new Chief Operating Officer. Raimondi will replace Chris Farinacci who was serving Asana since 2015. Raimondi is an experienced professional in enterprise software and scaling businesses.
Wrap Up:
Investors are responding positively to the announcement of financial results by the Asana stock. ASAN stock expects to generate $93 million to $94 million in revenue for the third quarter of fiscal 2022. This means it is expecting 58% to 60% yearly growth. The full fiscal year 2022 revenue is estimated to be between $357 million to $359 million, 57% to 58% year-over-year growth.
