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Earnings To Watch: Asana (ASAN) Reports Q3 Results Tomorrow

ASAN Cover Image
Earnings To Watch: Asana (ASAN) Reports Q3 Results Tomorrow

Work management software maker Asana (NYSE: ASAN) will be reporting results tomorrow afternoon. Here's what to expect.

Last quarter Asana reported revenues of $162.5 million, up 20.4% year on year, beating analyst revenue expectations by 3%. It was a mixed quarter for the company, with a decent beat of analysts' revenue estimates. On the other hand, billings (another important topline metric) missed, and net revenue retention fell from last quarter's levels and was below expectations.The company added 918 enterprise customers paying more than $5,000 annually to a total of 20,782.

Is Asana buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Asana's revenue to grow 16% year on year to $164.1 million, slowing down from the 41% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.11 per share.

Asana Total Revenue
Asana Total Revenue

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 4.2%.

Looking at Asana's peers in the productivity software segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. Atlassian delivered top-line growth of 21.1% year on year, beating analyst estimates by 1.3% and Monday.com reported revenues up 38.2% year on year, exceeding estimates by 3.7%. Atlassian traded down 11.8% on the results, Monday.com was up 9.7%.

Read our full analysis of Atlassian's results here and Monday.com's results here.

There has been positive sentiment among investors in the productivity software segment, with the stocks up on average 14.3% over the last month. Asana is up 18.9% during the same time, and is heading into the earnings with analyst price target of $20.9, compared to share price of $22.5.

One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.

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The author has no position in any of the stocks mentioned.

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