HomeEquities ScoreHere is why Asana Inc (ASAN) stock popup in the after-hours on...

Here is why Asana Inc (ASAN) stock popup in the after-hours on Thursday?

Asana Inc. (ASAN) shares faced negativity in the morning session on Thursday, June 3, 2021, and lost 0.19% in the morning session but later, in the after-market session, ASAN stock gained 9.62% and close the day at $$40.33 per share. ASAN shares have moved up by 1.91% in the past week. Over the past three months, the stock has gained 20.39%, while over the past six months, it has added 35.66%.

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Recent financial results announcement

On June 3, 2021, Asana, Inc reported its financial results for its first-quarter fiscal 2022 ended April 30, 2021.


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Q1 2022 financial highlights

  • Asana, Inc revenue increased by 61% to 76.7 million inQ1 2022 compared to $47.7 million in Q1 2021.
  • The company suffered a GAAP net loss of $60.7 million and GAAP net loss per share of $0.37 in Q1 2022 compared to GAAP net loss of $35.8 million GAAP net loss per share of $0.47in the first quarter of fiscal 2021.
  • Total operating expenses were $118.74 million in Q1 2022 compared to $70.59 million in Q1 2021.
  • In Q1 20222, Non-GAAP net loss was $33.8 million and Non-GAAP net loss per share was $0.21, compared to a non-GAAP net loss of $23.7 million and non-GAAP net loss per share of $0.31 in the first quarter of fiscal 2021.
  • In Q1 2022, free cash flow was negative $7.7 million, compared to a negative $17.1 million in the first quarter of fiscal 2021.
  • On April 30, 2021, Asana had total assets of $747.6 million compared to $731.2 million on April 30, 2020.

Financial Outlook

For the second quarter of fiscal 2022, Asana is expecting

  • Revenues to be in the range of $81.0 million to $83.0 million
  • Non-GAAP operating loss in the range of $44.0 million to $42.0 million. 

Asana commenced universal reporting

On June 1, 2021, Asana announced Universal Reporting, a new system for leaders to keep track of how work is progressing towards business-critical goals. The new universal reporting is backed by Asana’s Work Graph data model and it provides complete, fully-connected, accurate reports with real-time information on team activities, workloads, budget, and more.

Integration with ServiceNow

On May 26, 2021, Asana, Inc announced a new integration with ServiceNow, to boost visibility and collaboration between process management and operational teams. cross-functional teams can move fast and work together more effortlessly after the integration.

Upcoming Focus and Flow Summit

Asana, Inc will be hosting the Focus & Flow summit on June 9, 2021. The summit will bring together the foremost experts on positive habits, mindset, purpose, and productivity.

The speakers at the virtual summit will be Adam Grant, Morgan DeBuan, Dr. Michael Gervais.

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Conclusion

ASAN stock rallied in the after-market on Thursday after the company reported a 61% increase in revenue which attracted the customers and we can expect ASAN to continue its gain on Friday as well.

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