Asana stock sinks after weaker-than-expected sales forecasts

Shares of workplace-management software provider Asana Inc. fell after-hours on Thursday after the company forecast fourth-quarter sales that came in below analyst estimates, saying “macroeconomic cross currents continue to impact the business in the near term.” Management forecast fourth-quarter sales of between $144 million and $146 million, with an adjusted net loss of 27 to 28 cents a share. Analysts polled by FactSet expected sales of $151.1 million, and a per-share loss of 29 cents. For the full year, executives said they expected an adjusted loss per share of $1.14 to $1.15, on revenue of between $541 million and $543 million, compared with FactSet forecasts for a loss of $1.26 per share on sales of $545.5 million. Shares sank 12.5% after hours. The company reported a third-quarter net loss of $100.9 million, or 49 cents a share, compared with a net loss of $69.3 million, or 37 cents a share, in the same quarter last year. Revenue rose to $141.4 million, compared with $100.3 million in the prior-year quarter. Adjusted for stock-based compensation and taxes, Asana lost 26 cents a share, compared with 23 cents in the year-ago quarter. Analysts polled by FactSet expected an adjusted loss of 32 cents a share, on revenue of $139.4 million. The company reported big increases in customers spending $5,000 and $100,000, respectively, on an annualized basis.

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