Earnings To Watch: Asana (ASAN) Reports Q4 Results Tomorrow

Petr Huřťák /
2023/03/07 4:45 am EST

Work management software maker Asana (NYSE: ASAN) will be reporting results tomorrow after market close. Here's what to expect.

Last quarter Asana reported revenues of $141.4 million, up 41% year on year, beating analyst revenue expectations by 1.74%. It was a slower quarter for the company, with underwhelming revenue guidance for the next quarter and full year. The company added 660 enterprise customers paying more than $5,000 annually to a total of 18,700.

Is Asana buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Asana's revenue to grow 29.6% year on year to $145.1 million, slowing down from the 63.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.27 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 6.62%.

Looking at Asana's peers in the productivity software segment, some of them have already reported Q4 earnings results, giving us a hint of what we can expect. monday.com delivered top-line growth of 56.9% year on year, beating analyst estimates by 5.85% and Atlassian reported revenues up 26.7% year on year, exceeding estimates by 2.74%. monday.com traded up 10.2% on the results, Atlassian was down 10.0%. Read our full analysis of monday.com's results here and Atlassian's results here.

Tech stocks have had a rocky start in 2023 and while some of the software stocks have fared somewhat better, they have not been spared, with share price declining 2.32% over the last month. Asana is up 7.48% during the same time, and is heading into the earnings with analyst price target of $18.8, compared to share price of $17.24.

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