Asana (NYSE: ASAN) shares tumbled 27% in premarket trading Tuesday after the company issued a softer-than-expected annual revenue forecast and revealed that CEO Dustin Moskovitz will step down once a successor is found.
Moskovitz, a co-founder of Asana in 2008 and a former co-founder of Facebook (NASDAQ: META), now Meta, will remain in his role as CEO until a new leader is appointed. He has also confirmed plans to maintain his shareholding in the company after the transition.
In its latest quarterly earnings report, Asana posted earnings per share of $0.00, topping Wall Street’s expectation of a $0.01 per share loss. The company reported revenue of $188.3 million, slightly above 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.”
For fiscal 2026 (FY26), Asana (NYSE: ASAN) expects earnings per share between $0.19 and $0.20, well ahead of analysts’ estimates of a $0.01 per share loss. However, its revenue forecast of $782 million to $790 million came in below the $803 million consensus, sparking investor concerns.
Following the report, Jefferies analysts cut their price target on Asana from $19 to $15, while maintaining a Hold rating. They pointed to a challenging environment, saying the weak revenue guidance reflects “an uneven macro and persistent tech sector headwinds.” The firm added, “FY26 has a lot of moving parts against an uncertain macro.”
