: Asana stock surges more than 10% as results, outlook top Street view

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Asana Inc. ASAN shares rallied in the extended session Wednesday after the collaboration-software company’s first quarterly results and outlook as a public company topped Wall Street expectations. Asana shares surged 12% after hours, following a 2.3% decline in the regular session to close at $28.34. The San Francisco-based company reported a third-quarter loss of $73.3 million, or 65 cents a share, compared with a loss of $62.8 million, or 89 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 34 cents a share, compared with a loss of 30 cents a share in the year-ago period. Revenue rose to $58.9 million from $38.1 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 37 cents a share on revenue of $54.1 million. Asana forecast a loss of 27 cents to 25 cents a share on revenue of $62 million to $63 million for the fourth quarter, and a loss of $1.24 to $1.21 a share on revenue of $220.6 million to $221.6 million for the year. Analysts had estimated a loss of 31 cents a share on revenue of $58 million for the fourth quarter, and a loss of $1.32 a share on revenue of $212 million for the year. Shares closed Wednesday up 34% from their reference price of $21 a share when the company went public through a direct listing at the end of September. Asana’s stock price hit an intraday high of $30.27 on Monday. Meanwhile, the Renaissance IPO ETF IPO is up 108% on the year.
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