Asana shares sank by more than 15% after regular trading closed yesterday, despite co-founder and CEO Dustin Moskovitz reporting better-than-expected revenue.
Moskovitz reported a fourth-quarter loss of $90 million, or 48 cents a share, and a total revenue of $111.9 million. Last year, the company reported a loss of 22 cents a share. Analysts had expected a loss of 28 cents a share with revenue of $105.2 million. Shares promptly dropped in after-hours trading. Moskovitz focused on the revenue growth in a statement.
"Our fiscal year revenue growth accelerated versus the previous year, led by strength in the enterprise and strong demand across the customer base," he wrote.
Asana went public in 2020, debuting at $27 a share. The productivity app market is increasingly crowded, with more and more companies facing off as unicorns. But tech stocks in general have not been as hot this year, declining from record highs last year.
Correction: An earlier version of this story misstated Asana's opening price. This story was updated on March 10, 2022.