Asana (NYSE:ASAN) shares experienced a notable drop of over 16% intra-day today despite the company announcing third-quarter results that surpassed expectations and provided an outlook better than forecasts.

For the third quarter, Asana reported an earnings per share (EPS) of ($0.04), which was more favorable than the consensus estimate of ($0.11). The company’s revenue showed an 18% year-over-year increase, reaching $166.5 million, and exceeded the consensus estimate of $164.09 million.

Looking ahead to the fourth quarter of 2024, Asana forecasts its EPS to be in the range of ($0.10) to ($0.09), which is better than the Street estimate of ($0.16). The company anticipates its revenue to be between $167 million and $168 million, surpassing the Street estimate of $166.83 million.

For the full year, Asana expects its EPS to be between ($0.27) and ($0.26), better than the Street estimate of ($0.38). The company’s projected full-year revenue is set to be between $648.5 million and $649.5 million, compared to the street estimate of $646.1 million.

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