Asana, Inc. reported its financial results for the quarter ended July 31, 2024, revealing a net loss of $72.2 million, a slight increase from the $71.4 million loss in the same quarter of the previous year. The company's net loss per share for the quarter was $0.31, improving from the $0.33 loss per share in 2023. Despite the net loss, Asana saw its revenues grow by 10% year-over-year to $179.2 million, up from $162.5 million. The cost of revenues also rose by 23% to $19.9 million, which led to a slight decrease in gross margin from 90% to 89%. Operating expenses totaled $236 million, a 7% increase from the previous year, with sales and marketing being the largest contributor at $108.6 million. Research and development expenses also grew by 8% to $91.1 million, while general and...Show More

Asana, Inc. reported its financial results for the quarter ended July 31, 2024, revealing a net loss of $72.2 million, a slight increase from the $71.4 million loss in the same quarter of the previous year. The company's net loss per share for the quarter was $0.31, improving from the $0.33 loss per share in 2023. Despite the net loss, Asana saw its revenues grow by 10% year-over-year to $179.2 million, up from $162.5 million. The cost of revenues also rose by 23% to $19.9 million, which led to a slight decrease in gross margin from 90% to 89%. Operating expenses totaled $236 million, a 7% increase from the previous year, with sales and marketing being the largest contributor at $108.6 million. Research and development expenses also grew by 8% to $91.1 million, while general and administrative expenses saw a 7% decrease to $36.2 million. Asana's stock repurchase program, authorized in June 2024, has $130.3 million remaining for future repurchases. The company's geographic revenue distribution showed the United States contributing $108.2 million, while international revenues were $70.9 million for the quarter. Asana's business development is highlighted by its focus on acquiring new customers and expanding within existing ones, particularly those spending over $5,000 and $100,000 annually. The company's future plans include continued investment in product development and sales and marketing efforts to capture more of the addressable market worldwide.