Asana Inc. shares jumped in extended trading Thursday, after the collaboration-software company blew away expectations for revenue growth, and predicted more to come.
reported a first-quarter loss of $60.7 million, or 37 cents a share, on sales of $76.7 million, up from $47.7 million a year ago, a growth rate that topped 60%. After adjusting for stock-based compensation and other effects, the company reported a loss of 21 cents a share, an improvement from a loss of 31 cents a share last year, when there were less than half the shares available.
Analysts on average expected adjusted losses of 27 cents a share on sales of $70.1 million, according to FactSet. Asana stock gained more than 9% in after-hours trading after the results were released, following a 0.2% daily decline to $36.79.
Asana executives expect the strong revenue growth to continue. The company’s forecast calls for second-quarter sales of $81 million to $83 million, blowing away the consensus estimate of $74.1 million. For the year, executives increased the company’s sales forecast to a range of $336 million to $340 million, after previously stating a range of $309 million to $314 million.
“We are very pleased with the momentum in our first quarter,” Chief Executive and co-founder Dustin Moskovitz, also a Facebook Inc.
co-founder, said in a statement. “We reported accelerated revenue growth of 61% year over year, we closed large expansions within our existing base and continued to see momentum with some of our largest enterprise customers.”
Asana publicly listed its shares last September, on the same day that Palantir Technologies Inc.
debuted, and ended its first day of trading at $28.80. Shares have gained 27.7% from that first day’s closing price, while the S&P 500 index
has increased 26.4% in that time.