Asana Debuts On NYSE As It Posts Second Quarter Revenue

Asana’s AI and machine learning-based work management platform helps teams collaborate and remain on track with projects and goals.

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Asana CEO and Co-Founder Dustin Moskovitz was Facebook CEO Mark Zuckerberg’s roommate at Harvard. As a co-founder of Facebook, he held a 7.5% stake before the 2012 IPO. He left Facebook in 2008 to start Asana, which sells cloud-based software for tracking group projects. With the global health crisis causing a large number of companies to move their employees into working remotely, Asana has benefited from this shift.

On September 30, San Francisco-based Asana began trading on the New York Stock Exchange (NYSE), debuting at a price of $27 per share. At that price, Asana now carries a market capitalization of more than $4 billion, more than double its last private valuation of $1.5 billion in November 2018. The direct listing follows Asana posting $52 million in revenue, up 57% from the same period a year ago.

“Now more than ever, it’s important for teams to operate with clarity, alignment, and accountability. By making collaboration easier and by powering teams to be more effective, Asana helps organizations move forward,” said Moskovitz. “These are extraordinary times but we remain focused on our mission, which is to help the world’s teams work together effortlessly, whether that’s in an office or in our homes.”

Asana forecast revenue growth will slow in the third quarter to 40% to 43% growth over the previous year, putting sales in the range of $53.5 million to $54.5 million. Its third-quarter non-GAAP operating loss is expected to jump to a range of $40 million to $42 million, the company said.

With revenue of $142.6 million for fiscal year 2020, Asana is comparatively small amongst other tech giants. But after its debut on the NYSE, Asana looks to be moving in the right direction.