Asana's stock drops 14% on wider loss despite 70% jump in sales

Asana Inc.'s X, +0.18% banal initially plunged 14% successful extended trading Thursday aft the bundle institution led by Meta Platforms Inc. FB, -0.07% co-founder Dustin Moskovitz reported fiscal third-quarter results. Asana reported a nett nonaccomplishment of $69.3 million, oregon 37 cents a share, compared with a nett nonaccomplishment of $73.3 million, oregon 65 cents a share, successful the year-ago quarter. Revenue climbed 70% to $100.3 cardinal from $58.9 cardinal a twelvemonth ago. Analysts surveyed by FactSet had expected a nonaccomplishment of 27 cents a stock connected gross of $93.9 million. Asana besides offered fiscal 2022 gross guidance of betwixt $371 cardinal and $372 million, supra FactSet estimates of $359.5 million. Shares of Asana person soared 208% this year, portion the broader S&P 500 scale SPX, +1.42% has gained 22%.