Why Asana Stock Crashed 33% in April

Shares of Asana (NYSE: ASAN) tumbled by 32.9% in April, according to data provided by S&P Global Market Intelligence. There was no significant news that would have directly affected Asana, but the stock has been slumping since November as investors broadly have been shifting away from growth companies with high valuations.

The S&P 500 was down 8.8% in April, and a wide swath of growth stocks dropped by double-digit percentages. Asana's most recent earnings report in March beat expectations, but the market is no longer rewarding companies that rack up gigantic losses to fuel their growth.

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Source Fool.com