HomeInvesting NewsThe Reason Behind Asana Stock's Incredible Gains Today

The Reason Behind Asana Stock’s Incredible Gains Today

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Asana (NYSE:ASAN), a software-as-a-service firm that focuses on work collaboration, saw a significant increase in its share price today after the company announced its results for the fiscal second quarter, which concluded on July 31, were higher than expected. The company released guidance ahead of what Wall Street was expecting and above analysts’ consensus predictions for its top and bottom lines of revenue.

Because of this, the value of Asana (NYSE:ASAN) stock had increased by 29.5% as of 11:39 a.m. Eastern Time.

Then what?

Asana (NYSE:ASAN) announced sales of $134.9 million, a 51% increase from the same quarter a year ago. This figure is higher than the average expectation of $127.2 million that was provided by analysts. The non-GAAP (adjusted) loss per share for the company came in at $0.34 for the quarter, compared to a loss of $0.23 per share for the same period last year. Despite this, the company came in ahead of the average projection of a loss of $0.39 per share from Wall Street.

Dustin Moskovitz, the co-founder and CEO of Asana stated in a press release that the company’s growth in the quarter was fueled by large enterprise deals. He also stated that the number of customers spending $100,000 or more with Asana increased by 105% compared to the same quarter in the previous year.

Asana (NYSE:ASAN) also highlighted the fact that it currently has 131,000 paying clients, representing an increase of 22% compared to the same quarter one year earlier.

What’s Next?

The most recent results of Asana were met with overwhelming satisfaction from investors. They were also relieved that the company’s projections for sales in the third quarter were higher than the consensus forecast on Wall Street.

At the midpoint of the company’s projection, the Asana management team anticipates sales in the range of $138.5 million to $139.5 million for the company’s fiscal third quarter. This would represent a 39% increase compared to a year ago’s quarter.

It should come as no surprise that Asana’s stock is climbing today, given that the company’s average projections for its top and bottom lines have been surpassed and that its sales outlook for the third quarter is expected to perform better than the consensus estimate on Wall Street.

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