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Why Asana Stock Plunged Today

TheMotleyFool

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Shares of work-management software company Asana (NYSE: ASAN) fell on Friday after the company reported financial results for the first quarter of its fiscal year 2023. While results were better than expected, investors are presently avoiding cash-burning businesses, which is what Asana is right now. For this reason, Asana stock is down 10% as of noon ET.

Previously, Asana management had guided for Q1 revenue of about $115 million. The company exceeded these expectations by generating revenue of $120.6 million in Q1. And with this outperformance, management modestly raised the expected range for full-year revenue to between $536 million and $540 million.

Image source: Getty Images.

Source Fool.com

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