On March 09, Asana Inc. (ASAN) declared its financial results for the fourth quarter and full-year fiscal 2022, which ended on January 31, 2022. The company also provided an outlook for fiscal 2023. Consequently, the stock took a hit and plummeted in the after hours.
During the regular session, the stock remained bullish with a gain of 9.71%. It seems investors were hoping for a better financial report as the stock traded over 7.9 million shares. Intraday trading ASAN varied between a high of $49.73 and a low of $44.50 as the volume remained above the average. Following the announcement, the stock took a harsh hit in the after-hours to lose 21.12%. Hence, ASAN was trading at a value of $38.50 at an after-hours volume of 2.44 million shares, on Wednesday.
The work management platform developer, Asana Inc. provides various workflow solutions. Currently, the company’s 97.69 million outstanding share trade at a market capitalization of $8.29 billion.
ASAN’s Fiscal 2022 Results
Q4 Fiscal 2022
In Q4 fiscal 2022, the company’s revenues increased by 64% YOY to $11.9 million.
Moreover, the non-GAAP net loss was $46.9 million in Q4 fiscal 2022, against $35.0 million in the comparative period of fiscal 2021. Thus, the non-GAAP net loss per share was $0.25 and $0.22 in Q4 fiscal 2022 and fiscal 2021, respectively.
Fiscal 2022
For fiscal 2022, ASAN reported revenues of $378.4 million with a YOY growth of 67%.
Furthermore, the company had a non-GAAP net loss of $162.9 million or $0.92 per share in fiscal 2022. Comparatively, the same was $123.3 million or $1.16 per share in fiscal 2021.
Future Outlook
For Q1 fiscal 2023, the company expects revenues to grow by 49-51% YOY to $114.5-$115.5 million. The expected non-GAAP net loss per share is $0.36-$0.35 for the quarter.
Additionally, for fiscal 2023, ASAN expects revenues between $527.0-$531.0 million with an increase of 39-40% YOY.
Asana Flow Launch
On February 15, the company announced launching a suite of offerings democratizing the ability to build, run and improve workflows, called Asana Flow. With the help of Workflow Builder, the new functions help teams with the building of start-to-finish workflows. Through an intelligent Home Interface, it enables individuals’ work prioritization. And with speedy Workflow Reporting, ensures process improvement for leaders to achieve goals.
Conclusion
While the company beat its revenue expectations, it failed to impress on earnings both in Q4 2022 and the outlook. With a wider-than-expected loss and further loss in ongoing quarters, the company disappointed the investors. Thus, ASAN stock suffered a decline in the after-hours on Wednesday.
