Asana (NYSE:ASAN) saw its shares tumble 24% intra-day today after delivering a disappointing annual revenue forecast and announcing that CEO Dustin Moskovitz will step down once a successor is appointed.
Moskovitz, who co-founded Asana in 2008, will continue as CEO until a replacement is named and intends to retain his stake in the company. His departure introduces an element of uncertainty at a time when Asana is navigating a competitive software landscape.
Despite leadership changes, Asana’s latest quarterly results outperformed expectations. The company reported break-even earnings per share of $0.00, exceeding analyst projections of a $0.01 loss. Revenue came in at $188.3 million, narrowly surpassing the consensus estimate of $188.15 million.
Looking ahead, Asana guided for fiscal 2026 EPS between $0.19 and $0.20, significantly above Wall Street’s expectation of a $0.01 loss. However, its full-year revenue outlook of $782 million to $790 million fell short of the $803 million consensus estimate, raising concerns about growth momentum.
While Asana continues to position itself as a leader in AI-driven work management solutions, the combination of weaker revenue guidance and uncertainty surrounding its next CEO has cast a shadow over investor sentiment, triggering the sharp stock decline.