Shares of Asana Inc. plunged in after-hours trading even though the team collaboration software provider beat market expectations in its latest earnings report.

For the quarter ended Oct. 31, Asana reported a loss before costs such as stock compensation of $69.3 million, or 37 cents per share, down from $73 million, or 65 cents per share, a year ago. Revenue jumped 70%, to $100.3 million, the first time the company has broken $100 million in revenue in a single quarter.

Analysts had been expecting an adjusted loss per share of 27 cents on revenue of $94 million.

Highlights in the quarter included paying customers growing by 7,000, to more than 114,000, while the number of paying customers spending $5,000 or more on an annualized based grew 58% year-over-year. The number of customers spending $50,000 or more on an annualized basis grew 132% from a year ago.

In October, Asana unveiled the Enterprise Work Graph at the Asana Scale event. The service is meant to solve the challenges enterprises face around “cross-team coordination” by providing team members with more clarity around the projects they’re working on.” The service can help to massively reduce the time people spend on “work about work.”

“Q3 was another strong quarter, led by record user adoption and large enterprise wins,” Dustin Moskovitz (pictured), co-founder and chief executive officer of Asana, said in a statement. “With some of the most valuable companies in the world deploying Asana to manage initiatives across entire divisions, Asana exemplifies what cross-functional work management at scale looks like.”

Looking forward, Asana is predicting an adjusted loss per share of 27 to 28 cents in its fourth fiscal 2022 quarter on revenue of $104.5 million to $105.5 million. For the full fiscal year 2022, Asana predicts an adjusted loss per share of 95 to 96 cents on revenue of $371 million to $372 million.

The figures were solid all-around, but they apparently were not good enough for investors, who sold the stock off after the bell. Asana shares fell more than 14%.

Photo: Asana