Asana Inc Shares Tumble After Q3 Results: What's Going On?
Portfolio Pulse from Erica Kollmann
Asana, Inc. (NYSE:ASAN) shares dropped in after-hours trading despite beating Q3 earnings and revenue estimates. The company reported a loss of 4 cents per share, surpassing analyst expectations and improving from last year's loss of 26 cents per share. Q3 sales were $166.5 million, exceeding estimates and showing a 17.72% year-over-year increase. Asana provided Q4 guidance with projected losses narrower than expected and revenue forecasts slightly above estimates. Despite positive results, shares fell 8% to $21.45 after-hours.
December 05, 2023 | 9:50 pm
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Asana's stock price fell after-hours despite reporting better-than-expected Q3 earnings and revenue, with a significant improvement in losses compared to last year and a positive outlook for Q4.
Asana's stock price decline after-hours is likely due to investor reactions to the earnings report, which, despite being positive, may have triggered profit-taking or concerns about future growth sustainability. The short-term impact is negative as the immediate market reaction was a decline in stock price.
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