Why Asana Stock Flopped Today
Nasdaq What happened
Shares of Asana (NYSE: ASAN) were taking a dive today. The project management software company posted better-than-expected results in its second-quarter earnings report, but investors still balked at the numbers. Asana is posting a wide loss at a time when the market has placed a premium on profitability.
As of 1:43 p.m. ET, the stock was down 13.6% on the news.
So what
Revenue in the quarter rose 20% to $162.5 million, which was ahead of the consensus at $157.9 million.
The number of customers with annual spending above $5,000 increased 15% to 20,782, while customers with annual spending above $100,000 increased 20% to 553.
Its dollar-based net retention rate was 105%, indicating that existing customers increased their spending by just 5%. That's likely a reflection of its losing some customers. Its retention rate was 125% for customers spending more than $100 million annually.