Asana beats Q4 expectations, says it now has 1.5 million paid users

The company's Q4 revenue was $68.4 million, an increase of 57% year over year.
Written by Natalie Gagliordi, Contributor

Asana, a team management software provider, reported better-than-expected fourth quarter financial results on Wednesday.

The San Francisco-based company said it had fourth quarter non-GAAP earnings come in at a loss of 22 cents per share on revenue of $68.4 million, an increase of 57% year over year. Analysts were expecting the company to report a loss of 26 cents per share on revenue of $62.7 million. 

For the year the company also beat expectations, with an adjusted earnings loss per share of $1.16 with revenue of $227.0 million, up 59% year over year. Shares of Asana were up nearly 8% in after hours trading.  

Asana chief executive Dustin Moskovitz said the company now has over 93,000 paying customers and more than 1.5 million paid users.

"We are very pleased with our strong results for the fiscal year, driving record revenue of $227 million, up 59 percent year over year," said Moskovitz. "In the fourth quarter, growth was driven by a year over year acceleration of new customer growth, strong expansion within our existing base and momentum with some of our largest enterprise customers."

In terms of guidance, Asana expects its first quarter non-GAAP net loss to be between 27 cents and 26 cents per share, with revenue in the range of $69.5 million to $70.5 million. Wall Street expects the company to report Q1 net loss per share of 26 cents on revenue of $65.5 million. 

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