Why Asana Stock Rocketed Higher Today
Shares of Asana (NYSE: ASAN), a software-as-a-service company for work collaboration, skyrocketed today after it reported better-than-expected fiscal second-quarter results, which ended July 31. The company beat analysts' consensus top- and bottom-line estimates and issued guidance ahead of Wall Street's expectations.
As a result, the tech stock was up by 29.5% as of 11:39 a.m. ET.
Asana reported revenue of $134.9 million, up 51% from the year-ago quarter, which beat analysts' average estimate of $127.2 million. The company's non-GAAP (adjusted) loss per share widened in the quarter to $0.34, from a loss of $0.23 in the year-ago quarter, but was still ahead of Wall Street's consensus estimate of a loss of $0.39 per share.
Source Fool.com
