Asana beats Q3 estimates, surpasses $100m in quarterly sales

The team management software provider beat top -- and bottom-line estimates with record user adoption and large enterprise wins.

Asana on Thursday published its third-quarter financial results, exceeding market expectations with record user adoption and large enterprise wins. 

The team management software provider reported a non-GAAP net loss of $42.5 million, or 23 cents per share. Revenues were $100.3 million, an increase of 70% year-over-year. 

Analysts were expecting a net loss per share of 26 cents on revenue of $93.86 million. 

"With some of the most valuable companies in the world deploying Asana to manage initiatives across entire divisions, Asana exemplifies what cross-functional work management at scale looks like," CEO Dustin Moskovitz said in a statement.

The company's total number of paying customers grew by 7,000, coming to more than 114,000.

The number of customers spending $5,000 or more on an annualized basis grew to 14,143, an increase of 58% year-over-year. Revenues from these customers grew 96% year-over-year.

The number of customers spending $50,000 or more on an annualized basis grew to 739, an increase of 132% year-over-year.

The overall dollar-based net retention rate was over 120%.

For the fourth quarter of fiscal 2022, Asana expects revenues of $104.5 million to $105.5 million. For the fiscal year 2022, the company expects revenues of $371 million to $372 million.

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