Asana (ASAN) To Report Earnings Tomorrow: Here Is What To Expect

Petr Huřťák /
2023/05/31 2:54 am EDT

Work management software maker Asana (NYSE: ASAN) will be reporting earnings tomorrow afternoon. Here's what you need to know.

Last quarter Asana reported revenues of $150.2 million, up 34.2% year on year, beating analyst revenue expectations by 3.52%. It was a weaker quarter for the company, with underwhelming guidance for the next year and a decline in net revenue retention rate. The company added 732 enterprise customers paying more than $5,000 annually to a total of 19,432.

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This quarter analysts are expecting Asana's revenue to grow 24.8% year on year to $150.6 million, slowing down from the 57.4% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.18 per share.

Asana Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 5.94%.

Looking at Asana's peers in the productivity software segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Jamf delivered top-line growth of 22.1% year on year, beating analyst estimates by 2.19% and Box reported revenues up 5.65% year on year, exceeding estimates by 1.03%. Jamf traded down 0.78% on the results, Box was up 3.85%. Read our full analysis of Jamf's results here and Box's results here.

There has been positive sentiment among investors in the software segment, with the stocks up on average 15.4% over the last month. Asana is up 42.2% during the same time, and is heading into the earnings with analyst price target of $22, compared to share price of $22.24.

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The author has no position in any of the stocks mentioned.