Asana Inc (NYSE:ASAN) stock plunges 25.21% (As on Dec 3, 11:50:58 AM UTC-4, Source: Google Finance) after the company Non-GAAP operating loss of $41.3 million, or 41% of revenues, compared to non-GAAP operating loss of $37.3 million, or 63% of revenues, in the third quarter of fiscal 2021. The company has reported Non-GAAP net loss of $42.5 million, compared to non-GAAP net loss of $38.3 million in the third quarter of fiscal 2021. Cash flows from operating activities were negative $28.5 million, compared to negative $34.4 million in the third quarter of fiscal 2021. Free cash flow was negative $29.5 million, compared to negative $19.5 million in the third quarter of fiscal 2021. The company has unveiled the Enterprise Work Graph at the Asana Scale event, a suite of capabilities to align global enterprise teams and streamline cross-functional work from anywhere, including a new Goals API, Workflow Builder and Library, Universal Reporting on data trends and workflows over time, and additional data security and scalability features. The company has expanded Asana Partners Enterprise IT ecosystem including new integrations with Splunk and Netskope.

Moreover, the total number of paying customers grew by 7,000, ending the third quarter with a total of over 114,000. The number of customers spending $5,000 or more on an annualized basis grew to 14,143, an increase of 58% year over year. Revenues from these customers grew 96% year over year. The number of customers spending $50,000 or more on an annualized basis grew to 739, an increase of 132% year over year. Overall dollar-based net retention rate was over 120%. Dollar-based net retention rate for customers with $5,000 or more in annualized spend was 130%.

ASAN in the third quarter of FY 21 has reported the adjusted loss per share of 23 cents, beating the analysts’ estimates for the adjusted loss per share of 26 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 70 percent to $100.34 billion in the third quarter of FY 21, beating the analysts’ estimates for revenue by 6.80%.

For the fourth quarter of fiscal 2022, Asana expects revenues to be in the range of $104.5 million to $105.5 million, representing year over year growth of 53% to 54%, Non-GAAP operating loss of $53.0 million to $51.0 million and Non-GAAP net loss per share of $0.28 to $0.27.