Asana beats expectations for Q2, reports record revenue

Asana brought in a revenue of $89.5 million in Q2, an increase of 72% year over year.
Written by Jonathan Greig, Contributor

Team management software provider Asana reported better-than-expected second-quarter financial results on Wednesday.

The San Francisco-based company said it had second-quarter non-GAAP earnings come in at a loss of 23 cents per share on revenue of $89.5 million, increasing 72% year over year. 

Analysts expected the company to report a loss of 26 cents per share on revenue of $82.26 million. 

Shares of Asana were down 2.95% in after-hours trading.  

Asana chief executive Dustin Moskovitz said the company now has over 107 000 paying customers and noted that the number of customers spending $5000 or more on an annualized basis grew to 12 806.

"In the second quarter, we accelerated total revenue growth, continued to report strong customer growth and increased dollar-based net retention rates across the board," Moskovitz said.

"Customers are adopting Asana everywhere: across our major geographies and across all sizes of teams. We saw particular strength in the enterprise, with the number of customers spending over $50,000 up 111%. Stay tuned for more enterprise announcements in October."

In terms of guidance, Asana expects its third-quarter non-GAAP net loss to be between 27 cents and 26 cents per share, with revenue in the range of $93 million to $94 million.  

The company expects revenues of $357 million to $359 million for the fiscal year 2022. 

Alongside the earnings report, Asana announced that it was appointing Anne Raimondi as the company's new Chief Operating Officer. She has been on the company's board of directors since 2019. 

Raimondi is taking over for Chris Farinacci, who is retiring at the end of the fiscal year after serving in the role since 2015. 

Moskovitz said Raimondi brings decades of experience in enterprise software, serving customers, scaling businesses and fostering inclusive environments for employees to grow and thrive. 

"She has a proven ability to operate autonomously with large scope and is known for her empathetic, people-centric leadership approach, deep understanding of customers, and dedication to building high performing teams," Moskovitz added. "Anne has been an instrumental voice on our board for the past two years and knows our business and culture well, which will enable her to seamlessly transition into the organization and start co-creating with our teams."

Raimondi explained that Asana is a leader in the new wave of work management and an "essential part of how teams of all sizes and industries operate, scale and achieve their missions."

"I have been fortunate to experience the power of Asana and its culture first hand as a customer and board member, and am excited to join Dustin and the management team as we write the next chapter of our growth," she said. 

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