Work management company Asana Inc (NYSE:ASAN) reported fourth quarter and full fiscal year earnings after market close Wednesday. Here’s the highlights.
What Happened: Asana reported fourth quarter revenue of $111.9 million, up 64% year-over-year. The total beat a street consensus estimate of $105.2 million according to Benzinga Pro. The company also issued Q1 EPS guidance below estimates.
The company reported a loss of 25 cents per share in the fourth quarter, beating a street estimate ofo a loos of 28 cents per share.
For the full fiscal year, Asana had revenue of $378.4 million, up 67% year-over-year.
“Our fiscal year revenue growth accelerated versus the previous year, led by strength in the enterprise and strong demand across the customer base,” Asana CEO Dustin Moskovitz said.
Asana ended the fiscal year with over 119,000 paying customers. The number of customers paying $5,000 or more annually to the company hit 15,437 in the fourth quarter, up 52% year-over-year.
Customers who spend $5,000 or more annually with Asana represented 82% of fourth quarter revenue.
Asana reported 894 customers spend $50,000 or more with the company annually, a figure up 125% year-over-year.
What’s Next: Asana is guiding for first quarter revenue to hit a range of $114.5 million to $115.5 million, up 49% to 51% year-over-year.
The company sees hitting a net loss of 36 cents to 35 cents per share in the first quarter, below the consensus estimates of a loss of 27 cents.
For the full fiscal 2023 year, Asana is expecting revenue in a range of $527 million to $531 million, up 39% to 40% year-over-year.
ASAN Price Action: Asana shares are down 19.28% to $39.40 in after-hours trading Wednesday.
