Asana beat expectations as Q4 customer revenue jumps

By Liz Moyer

Investing.com -- Asana Inc (NYSE:ASAN) beat expectations for fourth-quarter revenue as revenue from customers surged.

The project software company reported revenue of $150.2 million and an adjusted net loss per share of 15 cents. Analysts had expected fourth-quarter sales of $145M and a net loss of 27 cents a share. Revenue was up 34% from the same time a year earlier. 

Shares are up 0.5% in after-hours trading and are up 29% this year.

For the full year, revenue rose 45% to  $547.2M.

Asana said the number of customers spending $5,000 or more on an annualized basis in the fourth quarter grew to 19,432, an increase of 26% from a year earlier. Revenue from these customers in the fourth quarter grew 42% from the prior year. The number of customers spending $100,000 or more on an annualized basis in the fourth quarter grew to 506, an increase of 49% from the previous year.

For the first quarter, the company is forecasting revenue of $150.0M to $151.0M, which would be up 24% to 25% from last year. It’s expecting an adjusted loss per share of 18 cents to 19 cents. 

For the year, it is forecasting revenue of $638.0M to $648.0M, which would be up 17% to 18%. And it sees an adjusted net loss per share of 55 cents to 59 cents.