Asana's Lower Outlook for Third Quarter and Full Year Sends Stock Falling

Dow Jones09-04

Shares of Asana, Inc. fell after the company projected third-quarter results that missed Wall Street's estimates and lowered the high end of its full-year outlook.

The stock fell 16% in premarket trading on Wednesday. Shares were down 30% year to date, at $13.29, when the regular session ended.

For the third quarter, the work-management software company projected revenue between $180 million and $181 million and an adjusted loss of 7 cents a share. Wall Street expects revenue of $182.3 million and an adjusted per-share loss of 3 cents, according to FactSet.

For the year, the company lowered the high-end of its revenue outlook, guiding for sales between $719 million and $721 million, compared with a prior projection of between $719 million and $724 million. The company expects an adjusted loss between 19 cents a share and 20 cents a share, compared with a prior outlook between 19 cents a share and 21 cents a share.

Analysts surveyed by FactSet forecast revenue of $721.4 million and an adjusted per-share loss of 20 cents.

Asana posted a loss of $72.2 million, or 31 cents a share, for its fiscal second quarter, ended July 31, compared with a loss of $71.4 million, or 33 cents a share, in the prior year's quarter.

On an adjusted basis, the company reported a loss of 5 cents a share. Analysts polled by FactSet expected an adjusted loss of 8 cents a share.

Revenue rose 10% to $179.2 million.

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