Asana revenue up 72%; work management company increases sales guidance for the whole year

Before its Next Act in tech, Facebook Inc. co-founder Dustin Moskovitz entered the work management field more than a decade ago with startup Asana Inc..

The effort has continued to bear fruit. Shares of Asana Inc. ASAN,
+2.29%,
rose 161% this year after an IPO in late 2020, initially a 10% jump in expanded trading on Wednesday before cooling off after the company reported better-than-expected earnings and earnings in line with what analysts had forecast.

Asana also raised its outlook for the current quarter, appointing a new Chief Operating Officer, Anne Raimondi, a Zendesk Inc. tech veteran. ZEN,
+0.24%,
TaskRabbit and SurveyMonkey, now known as Momentive Global Inc. MNTV,
+1.22%.

“Our mission to monitor who does what, when and why paid off over the quarter,” said Moskovitz, co-founder of Facebook FB.
+0.70%
with Harvard University roommate Mark Zuckerberg, MarketWatch told. “The pandemic appears to have accelerated the trend among businesses.”

asana reported a net loss of $68.4 million, or 40 cents per share, compared to a net loss of $41.1 million, or 54 cents per share, in the year-ago quarter. The company’s adjusted net loss was $39.8 million, or 23 cents per share.

Revenue shot up 72% to $89.5 million, from $52 million a year ago.

Analysts polled by FactSet had expected a net loss of 26 cents a share on revenue of $82.3 million.

New customer additions proved strong in the second quarter, leading to customer revenue spending more than $5,000 growing 97% year-over-year. Accordingly, Asana raised its full-year revenue growth forecast to between $357 million and $359 million. FactSet analysts forecast $339 million.

Asana makes workplace collaboration and scheduling software designed to help teams of employees orchestrate work to achieve their goals smoothly and efficiently. The company’s software helps coordinate workflows and increase productivity through what it calls the three Cs: content, communication, and coordination. Asana’s intent is to improve on the first two, making the whole greater than the sum of its parts.

The company couldn’t be more different in its market than Moskovitz’s previous creation, Facebook. While closely following the social networking giant, Moskovitz declined to comment on the current state and arguing with federal regulators.

“I’m a curious observer, but running Asana is my full-time occupation,” Moskovitz said. “I direct that” [antitrust] things to the experts.”

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