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Asana Shares Surge 24 percent on Q2 Beat


Asana, Inc. (NYSE:ASAN) shares closed more than 24% higher on Thursday following the company’s reported Q2 results, with EPS of ($0.34) coming in better than the Street estimate of ($0.39). Revenue was $134.9 million, compared to the Street estimate of $127.27 million.
Key business metrics remain healthy and the company’s increased focus on moving upmarket is driving large customer activity. Importantly, the company also addressed its balance sheet raising $350 million in a private placement by CEO Dustin Moskovitz, while setting expectations for reaching positive free cash flow prior to 2024 year-end.
Analysts at Oppenheimer said they are comfortable with management’s ability to execute to this target, though caution that meaningful operating leverage improvement is still several quarters away into 2024.
The company expects Q3/23 EPS in the range of ($0.33)-($0.32), compared to the Street estimate of ($0.32), and revenue in the range of $138.5-139.5 million, compared to the Street estimate of $137.6 million.










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