Asana Stock Surges After Releasing Earnings

Sep 8, 2022 By MarketDepth

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Asana (ASAN:NYQ) stock rallies after releasing earnings and disclosing that the CEO bought $350 million worth of stock in the company.

“I am investing further in Asana because I strongly believe the market opportunity is enormous and that the Work Graph is the best possible solution for helping enterprises achieve their most important goals.”

Dustin Moskovitz, co-founder and chief executive, in a statement

Asana stock is up 25% intraday but is still down about 60% on the year. Moskovitz already owns 24 million shares in addition to the 19.4 million purchase for $350 million. He will own about 23% of the company, which shows the belief from he has in the technology from the Facebook co-founder.

“With the additional $350 million in capital announced today, we believe we are fully funded to execute on our current strategies and well-positioned to reach free-cash-flow positive before the end of calendar 2024.”

Dustin Moskovitz, co-founder and chief executive, in a statement

Revenues for the company hit $134.9 million this quarter which is up from $84.9 million a year ago. Asana also upgraded its forecast for the year from $544 to $547 million.