Asana Inc (NYSE:ASAN) stock plunges 24.12% (As on March 11, 11:21:18 AM UTC-4, Source: Google Finance) after the company 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 (now Meta), will remain CEO until a successor is named and intends to maintain his shareholding in the company. Asana ended the quarter and its fiscal year with 24,062 “core customers,” customers spending $5,000 or more annually, up 11% year-over-year, while customers spending $100,000 or more annually rose 20% year-over-year, to 726. Not all of the company’s customers are sticking around, however, with the company reporting an overall dollar-based net retention rate of 96%; anything below 100% indicates a decline.

Meanwhile, Business highlights in the quarter included the October launch of Asana AI Studio, a no-code tool that allows companies to create artificial intelligence agents that can be embedded into workflows throughout the Asana platform. The service allows users to design “smart workflows” that coordinate projects and orchestrate tasks, leveraging Asana’s Work Graph to capture critical context and relationships within organizations. AI Studio assists workers by understanding who is doing what, where, when, how and why and helps them with more straightforward, mundane tasks, effectively acting as a colleague or teammate. Other highlights include the introduction of stacked bar charts for dashboards in November, enhancing data visualization for improved decision-making. In December, Asana launched Portfolio Rules, allowing users to automate actions at the portfolio level to streamline workflows across multiple projects. In January 2025, the company released Gantt View, a feature that creates timeline-based perspectives to enhance project planning and tracking. Additionally, Asana introduced Project Notes, allowing teams to document key information directly within projects for better collaboration.

ASAN in the fourth quarter of FY25 has reported break even adjusted earnings per share, beating the analysts’ estimates for the adjusted loss per share of 1 cent. The company had reported the adjusted revenue growth of 10 percent to $188.3 million in the fourth quarter of FY25, beating the analysts’ estimates for revenue of $188.15 million.

For its fiscal 2026 first quarter, Asana expects adjusted earnings per share of two cents on revenue of $184.5 million to $186.5 million. The revenue outlook fell short of the $191 million expected by analysts. For the full fiscal year, the company expects revenue of $782 million to $790 million, short of the $803.5 million analysts had been looking for.