Stock Alert: Asana Up 5% On Quarterly Results, Outlook

(RTTNews) - Shares of Asana Inc. (ASAN) are gaining over 5% on Friday morning driven by its first-quarter results and outlook.

ASAN is currently trading at $38.85, up $2.06 or 5.59%, on the Nasdaq.

For the first quarter, the company reported net loss of $60.7 million or $0.37 per share, compared to a loss of $35.8 million or $0.47 per share last year. Adjusted loss was $33.8 million or $0.21 per share, compared to loss of $23.7 million or $0.31 per share last year.

Revenues were $76.7 million, an increase of 61% year over year from $47.7 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.27 per share on revenues of $70.14 million. Analysts' estimates typically exclude one-time items.

Looking forward to the second quarter, Asana expects revenues of $81.0 million to $83.0 million and adjusted loss of $0.27 to $0.26 per share. Analysts currently estimate revenues of $74.07 million and loss of $0.27 per share.