Work management platform Asana (NYSE: ASAN) will be reporting results this Thursday after market hours. Here’s what to expect.
Asana met analysts’ revenue expectations last quarter, reporting revenues of $205.6 million, up 9.2% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ EBITDA estimates and EPS guidance for next quarter exceeding analysts’ expectations. It added 515 enterprise customers paying more than $5,000 annually to reach a total of 25,928.
Is Asana a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Asana’s revenue to grow 8.7% year on year, in line with the 8.6% increase it recorded in the same quarter last year.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Asana has a history of exceeding Wall Street’s expectations.
Looking at Asana’s peers in the productivity software segment, some have already reported their Q1 results, giving us a hint as to what we can expect. monday.com delivered year-on-year revenue growth of 24.5%, beating analysts’ expectations by 3.6%, and Atlassian reported revenues up 31.7%, topping estimates by 5.4%. monday.com’s stock price was unchanged after the resultswhile Atlassian was up 29.6%.
Read our full analysis of monday.com’s results here and Atlassian’s results here.
There has been positive sentiment among investors in the productivity software segment, with share prices up 10.1% on average over the last month. Asana is up 5.3% during the same time and is heading into earnings with an average analyst price target of $9.52 (compared to the current share price of $6.57).
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