SAN FRANCISCO - Asana, Inc. (NYSE: ASAN), a prominent work management platform, has reported its financial results for the fourth quarter ending January 31, 2024, with revenue reaching $171.1 million, a 14% increase from the same quarter last year. The stock was up 1.15% in after-market trading.
This performance surpassed analyst expectations, which predicted revenue of $167.68 million. The adjusted net loss per share was -$0.04, significantly better than the analyst estimate of -$0.10.
The company forecasts Q1 2025 EPS in the range of -$0.09 to -$0.08, with revenue expectations between $168 million and $169 million, closely aligning with the consensus of $168.25 million. For the full fiscal year 2025, Asana anticipates EPS between -$0.22 and -$0.19, with revenue projections of $716 million to $722 million, slightly below the consensus estimate of $724.75 million.
Dustin Moskovitz, co-founder and CEO, highlighted the company's achievements, stating, "Asana's Q4 and fiscal year results beat expectations on the top and bottom line. Overall revenue growth was better than our guidance, and operating margin improved significantly during the year, as we target to be free cash flow positive by the end of this year." He also emphasized the company's strategic focus on leveraging AI and the Asana Work Graph to solve collaborative work challenges.
The company also reported improvements in operating cash flow, which saw a $142 million enhancement year-over-year, and a notable 29% growth in annual revenues from customers spending $100,000 or more. The number of customers spending $5,000 or more annually grew by 11% year-over-year, while those spending $100,000 or more increased by 20%.
Asana's forward-looking statements indicate a roadmap toward achieving free cash flow positivity by the end of the current year and capitalizing on opportunities to innovate in the collaborative work sector with AI.
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