Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Asana, Inc. (NYSE:ASAN) posted a narrower-than-expected loss for its first quarter on Thursday, while sales topped estimates.
Asana posted a quarterly loss of 6 cents per share, compared to market expectations for a loss of 8 cents per share. The company's quarterly sales came in at $172.45 million versus estimates of $168.73 million, according to data from Benzinga Pro.
“AI is transforming how we work, and Asana is delivering the ideal platform for this new era where people and AI collaborate to reach new levels of productivity and innovation,” said Dustin Moskovitz, co-founder and chief executive officer of Asana. “With Asana’s Work Graph® architected to link work and workflows to higher level objectives, Asana provides the structure and visibility for organizations to scale AI with confidence. We have an incredible opportunity ahead of us, and I believe Asana is uniquely positioned to capture a large swath of enterprise workflows as rigid software categories of the past are reshaped.”
The company said it sees FY25 loss of 21 cents to 19 cents per share, versus market estimates of 20 cents per share. The company projects revenue of $719 million to $724 million versus expectations of $722.06 million.
Asana shares fell 4.9% to close at $13.13 on Thursday.
These analysts made changes to their price targets on Asana after the company reported quarterly results.
- Piper Sandler cut the price target on Asana from $18 to $16. However, Piper Sandler analyst Brent Bracelin upgraded the stock from Underweight to Neutral.
- Keybanc lowered Asana price target from $14 to $13. Keybanc analyst Jason Ader maintained an Underweight rating on the stock.
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