Shares of Asana (ASAN 4.29%) popped by as much as 11% today after the company reported fiscal first-quarter earnings. The results topped expectations and guidance was strong. As of 11:15 a.m. EDT, the stock was up 7%.
Revenue in the fiscal first quarter jumped 61% to $76.7 million, easily beating the consensus estimate of $70.1 million. That resulted in an adjusted net loss of $33.8 million, or $0.21 per share, which was better than the $0.28 per share in adjusted losses that Wall Street analysts were modeling for. The technology company, which operates an enterprise work management platform, reported a dollar-based net retention rate of 115%. That metric measures spending from existing customers.
"Whether teams are fully remote and working from home, or in offices coordinating work across departments and geographies, clarity on who is doing what by when is essential," CEO Dustin Moskovitz said in a statement. "More and more customers are turning to Asana and the Asana Work Graph to provide a scalable, cross-functional, and easy-to-adopt solution."
Guidance for the fiscal second quarter also came in better than analysts expected, with revenue forecast in the range of $81 million to $83 million. The consensus estimate currently calls for $74.1 million in sales this quarter. That revenue should translate into an adjusted net loss per share of $0.26 to $0.27, slightly better than the $0.28 per share in red ink that the market is expecting.
For the full fiscal year 2022, Asana's outlook calls for revenue of $336 million to $340 million.