Why Asana's Shares Plunged 23% Today

Shares of SaaS productivity stock Asana (NYSE: ASAN) fell by as much as 23.4% in trading on Wednesday after a competitor reported earnings. It closed the session down by 23%. 

There was not a lot of big news out about Asana specifically, but Monday.com (NASDAQ: MNDY) reported its fourth-quarter results, and investors didn't like what they saw. Revenue rose 91% to $95.5 million, but management is only guiding for revenue in the $100 million to $102 million range in the first quarter, which would be a significant slowdown in year-over-year growth to around 70% to 73%.

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Source Fool.com