Asana stock jumps as sales, outlook blow away earnings expectations

Analysts on average expected adjusted losses of 27 cents a share on sales of $70.1 million, according to FactSet. Asana stock gained more than 9% in after-hours trading after the results were released, following a 0.2% daily decline to $36.79.

Asana executives expect the strong revenue growth to continue. The company’s forecast calls for second-quarter sales of $81 million to $83 million, blowing away the consensus estimate of $74.1 million. For the year, executives increased the company’s sales forecast to a range of $336 million to $340 million, after previously stating a range of $309 million to $314 million.

“We are very pleased with the momentum in our first quarter,” Chief Executive and co-founder Dustin Moskovitz, also a Facebook Inc. FB, -0.94% co-founder, said in a statement. “We reported accelerated revenue growth of 61% year over year, we closed large expansions within our existing base and continued to see momentum with some of our largest enterprise customers.”

For more: Five things to know about Facebook co-founder’s software company Asana

Asana publicly listed its shares last September, on the same day that Palantir Technologies Inc. PLTR, -3.35% debuted, and ended its first day of trading at $28.80. Shares have gained 27.7% from that first day’s closing price, while the S&P 500 index SPX, -0.36% has increased 26.4% in that time.