Asana Q4 Loss Widens; Shares Tank 17%

(RTTNews) - Shares of Asana, Inc. (ASAN) tanked over 17% in extended hours on Wednesday, after the company reported results for the fourth quarter and outlook for the first quarter.

Fourth-quarter net loss was $90.0 million or $0.48 per share, compared to a loss of $61.5 million or $0.39 per share last year.

Adjusted loss was $46.9 million or $0.25 per share, compared to loss of $35.0 million or $0.22 per share last year. Analysts polled by Thomson Reuters expected a loss of $0.28 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues were $111.9 million, an increase of 64% year over year from $68.4 million last year. Analysts had a consensus revenue estimate of $105.16 million.

"Our fiscal year revenue growth accelerated versus the previous year, led by strength in the enterprise and strong demand across the customer base," said Dustin Moskovitz, co-founder and chief executive officer of Asana.

Looking forward to the first quarter, Asana expects revenues of $114.5 million to $115.5 million and adjusted loss of $0.36 to $0.35 per share. Analysts currently estimate revenues of $110.91 million and loss of $0.27 per share.

ASAN closed Wednesday's trading at $48.81, up $4.32 or 9.71%, on the Nasdaq. The stock, however, slipped $8.41 or 17.23%, in the after-hours trading.