Asana (ASAN) Delivered Better Than Expected Q2, With Enterprise Customers Growing 111%

Asana, Inc. (NYSE: ASAN) reported better-than-expected Q2 results, with EPS of ($0.23), better than the analyst estimate of ($0.26). Quarterly revenue also beat the consensus estimate of $82.31 million, coming in at $89.5 million, which represents an increase of 72% year-over-year.

The company saw particular strength in the enterprise, with the number of customers spending $50,000 or more on an annualized basis growing 111% year over year. The number of customers spending $5,000 or more on an annualized basis grew 61% year-over-year to 12,806.

The company provided its Q3 guidance, with a Q3 EPS estimate of ($0.27)-($0.26), better than the consensus of ($0.28), and revenue of $93-94 million (vs. consensus of $86.7 million), which represents 58% to 60% year-over-year growth.

For the full 2022-year the company anticipates the revenue to grow 57% to 58% year-over-year to $357 million to $359 million.

Among other highlights during the call were the unveiled new productivity suite features including video messaging, intelligent prioritization and smart calendar assistant, and a new desktop app, as well as the announced Asana app for Zoom, available in the Zoom App Marketplace, allowing distributed teams to drive meeting workflows and collaborate.

Shares are roughly flat after-hours despite the news.

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