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Investing.com -- Asana Inc (NYSE:ASAN) shares plunged 26% in premarket trading Tuesday after it offered a soft annual revenue forecast and announced that CEO Dustin Moskovitz will step down once a successor is appointed.
Moskovitz, who co-founded Asana in 2008 after previously co-founding Facebook (NASDAQ:META) (now Meta), will remain CEO until a successor is named and intends to maintain his shareholding in the company.
The work management software company posted earnings per share of $0.00, beating Wall Street’s expectation of a loss of $0.01 per share.
Revenue for the quarter was $188.3 million, slightly ahead of the consensus estimate of $188.15 million.
"Asana has grown into a multi-product company at the forefront of AI innovation," Moskovitz said. "I am confident that an experienced leader will build on Asana’s strong track record."
Asana projected earnings per share of $0.19 to $0.20 for fiscal 2026 (FY26), well above analysts’ expectations of a loss of $0.01. But the revenue forecast between $782 million and $790 million was below the $803 million consensus.
Jefferies analysts cut their Asana price target to $15 from $19 after the report, while maintaining a Hold rating.
They said the bearish revenue guide comes "as macro remains uneven and tech sector headwinds persist."
"FY26 has a lot of moving parts against an uncertain macro," they noted.
Pratyush Thakur contributed to this report.