What happened
Shares of Asana (ASAN -2.24%) are soaring today, up by 15.6% as of 3:47 p.m. EDT. Investors are showing their appreciation for the workplace software solutions provider's solid fiscal Q2 2022 performance.
So what
Asana published those quarterly results after market hours Wednesday, revealing that it earned $89.5 million in revenue -- a 72% year-over-year increase. Meanwhile, the company's non-GAAP (adjusted) net loss widened to just under $40 million ($0.23 per share) versus the Q2 2021 loss of slightly over $27 million.
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On average, analysts following Asana stock were expecting a lower top-line figure of $82.3 million and a deeper net loss of $0.26 per share.
The tech company attributed the better-than-anticipated improvements largely to organic growth. In the press release, CEO Dustin 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%."
That growth figure topped that of customers spending at least $5,000 on an annualized basis, which was up 61%.
Now what
Asana is clearly feeling confident about the future. It has raised its full-year fiscal 2022 revenue guidance, believing it will earn $357 million to $359 million. This would represent year-over-year growth of at least 57%.
Meanwhile, the company's Q3 guidance topped analyst estimates. Asana is expecting revenue of $93 million to $94 million, with non-GAAP net loss coming in at $0.26 to $0.27 per share. Prognosticators had been modeling for revenue of $86.7 million and $0.28-per-share loss.
