Work management company Asana Inc (NYSE:ASAN) reported first-quarter financial results after market close Thursday. Here are the key highlights.
What Happened: Asana reported first-quarter revenue of $120.65 million, up 57% year-over-year and a first-quarter company record. The first-quarter revenue total beat a Street estimate of $115.05 million, according to data from Benzinga Pro.
Asana reported a net loss of 30 cents per share, which beat a Street estimate of a loss of 36 cents per share.
Revenue from customers who spend $5,000 or more annually with Asana grew 73% year-over-year. Revenue from customers who spend $50,000 or more annually with Asana grew 102% year-over-year.
“We reported strong revenue growth in the first quarter and we set a new record for the largest deployment in the company’s history at over 100,000 seats,” Asana CEO and co-founder Dustin Moskovitz said.
The company ended the quarter with 126,000 paying customers.
Related Link: Why Asana Shares Are Popping Off Today
What’s Next: Asana is guiding for second-quarter revenue to come in a range of $127 million to $128 million versus a Street estimate of $125.3 million.
The company is guiding for a net loss of 39 cents to 38 cents per share for the second quarter.
Full-year guidance for the company sees revenue coming in a range of $536 million to $540 million, representing year-over-year growth of 42% to 43%.
“We are closing bigger net new customers, our largest customers are expanding at a fast pace and our revenue mix from our Enterprise and Business tier continues to climb,” Moskovitz said.
ASAN Price Action: Asana shares are down 5.85% to $22.70 in after-hours trading at the time of publication. Asana shares were up 13.73% to $24.11 during Thursday’s trading session.
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