Asana Inc (NASDAQ: ASAN) shares – a web and mobile work management platform designed to help teams organize, track, and manage work – plunged on Friday after lowering its estimates for Q4 of 2022. As of 12:00 PM ET, Asana shares dropped by 12.34%.
Asana Inc officially went public on September 2020 via direct offering, reaching an all-time high of $141.66 on Nov 12, 2021, roughly a year from today. Shares have since dropped to $15.40 as of press time and are now down 78.45% YTD.
The company announced lower expectations for Q4 revenue at $144 million to $146 million compared to average estimates of $151.06 million. The company also adjusted its full-year revenue range from estimates of $545.89 million to between $541 million and $543 million.
See the $ASAN chart performance here.
Asan Inc stocks reportedly dropped due to the expectations. Investors' reactions happened despite the company announcing positive growth as it increased revenue by 41% year-over-year to $141.4 million, beating the $139.37 million estimates.
Since investors can't know for sure whether the company will hit its estimates, it is more important to focus on Asan Inc's business. The company improved its Q4 net loss anticipations at $0.27 to $0.28 a share compared to the $0.29 estimates.
See full $ASAN flow at: https://unusualwhales.com/stock/ASAN/flow-overview
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