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For his Next Act in tech, Facebook Inc. co-founder Dustin Moskovitz plunged into the work-management field with startup Asana Inc. more than a decade ago.
The bet increasingly has paid off. Shares of Asana Inc.
ASAN,
up 161% this year on the heels of an IPO in late 2020, initially jumped 10% in extended trading Wednesday before cooling after the company reported better-than-expected revenue and earnings in line with what analysts predicted.
Asana also raised guidance for its current quarter and named a new chief operating officer, Anne Raimondi, a tech veteran of Zendesk Inc.
ZEN,
TaskRabbit and SurveyMonkey, now known as Momentive Global Inc.
MNTV,
“Our mission of monitoring who is doing what when and why paid off across the enterprise during the quarter,” Moskovitz, who co-founded Facebook
FB,
with Harvard University roommate Mark Zuckerberg, told MarketWatch. “The pandemic seems to have accelerated the trend among businesses.”
Asana reported a net loss of $68.4 million, or 40 cents a share, compared with a net loss of $41.1 million, or 54 cents a share, in the year-ago quarter. The company’s adjusted net loss was $39.8 million, or 23 cents a share.
Revenue shot up 72% to $89.5 million from $52 million a year ago.
Analysts surveyed by FactSet had expected a net loss of 26 cents a share on revenue of $82.3 million.
New customer additions proved to be strong in the second quarter, leading to revenue from customers spending more than $5,000 to grow 97% year-over-year. Accordingly, Asana raised its full-year revenue growth guidance to between $357 million and $359 million. FactSet analysts are forecasting $339 million.
Asana makes workplace collaboration and planning software designed to help teams of employees orchestrate work to achieve their goals smoothly and efficiently. The company’s software helps coordinate workflows and increase productivity through what it calls the three Cs: content, communication, and coordination. Asana’s intent is to enhance the first two, leading to the whole becoming greater than the sum of its parts.
The company couldn’t be more different in its market than Moskovitz’s previous creation, Facebook. Though he closely follows the social-networking giant, Moskovitz declined comment on its current state and wrangling with federal regulators.
“I am a curious observer, but running Asana is my occupation full time,” Moskovitz said. “I lead that [antitrust] stuff to the experts.”
