Why Asana Stock Is Soaring After Hours

Asana Inc (NYSE: ASAN) shares are moving higher in after hours Wednesday after the company reported better-than-expected financial results and issued strong guidance.

• Q4 Revenue: $150.23 million beat estimates of $145.07 million
• Q4 EPS: Loss of 15 cents beat estimates for a loss of 27 cents

Cash flows from operating activities came in at negative $31.1 million, improved from negative $39.3 million year-over-year. Free cash flow was negative $26.5 million, improved from negative $41.2 million in the prior year's quarter.

"Revenues for the fiscal year were up 45 percent year over year and we reported significant improvement in operating margins," said Dustin Moskovitz, co-founder and CEO of Asana. 

Outlook: Asana expects first-quarter revenue to be between $150 million and $151 million versus estimates of $149.97 million. The company anticipates a first-quarter loss between 18 and 19 cents per share versus estimates for a loss of 23 cents per share

Full-year revenues are expected to be between $638 million and $648 million versus estimates of $645.84 million.Full-year losses are expected to be between 55 cents and 59 cents per share versus estimates for a loss of 80 cents per share.

See Also: MongoDb Stock Is Tumbling After Hours: What's Going On?

ASAN Price Action: Asana shares are up 29.6% after hours at $23.05 at time of publication, according to Benzinga Pro.

Photo: StockSnap from Pixabay.