Shares in Asana Inc. surged nearly 30% in late trading after the work management software company surprised investors with earnings and revenues beats and a mostly better-than-expected outlook.

For its fourth quarter that ended Jan. 31, Asana reported a loss before costs such as stock compensation of $33.2 million, or 15 cents per share, down from a loss of $46.9 million, or 25 cents per share, in the same quarter of last year. Revenue rose 34% from a year ago, to $150.2 million. Analysts had been expecting a loss of 27 cents per share on revenue of $144.85 million.

Highlights in the quarter included the number of Asana customers that spent $5,000 or more on an annualized basis growing to 19,432, up 26% year-over-year, with revenue from these customers growing 42% over the time period. The number of customers spending $100,000 or more increased 49%, to 506.

Asana’s overall dollar-based net retention rate in the fourth quarter was over 115%, indicating existing customers are spending more, with the figures improving to 120% and 135% for customers spending $5,000 or more and $100,000 or more, respectively.

For its full fiscal year 2023, Asana reported an adjusted loss of $207.2 million, or $1.04 per share, up from a loss of $162.9 million, or 92 cents per share, in fiscal 2022. Revenue for the year rose 45%, to $547.2 million.

Dustin Moskovitz, co-founder and chief executive officer of Asana, said in the company’s earnings release that its large customers offer “unique insights into their complex business needs, which helps to inform our product strategies and investments in areas that can shape the future of work management.”

Looking forward, Asana said it expected an adjusted net loss per share of 18 to 19 cents in the first quarter of fiscal 2024 on revenue of $150 million to $151 million. Analysts were expecting earnings per share loss of 22 cents on revenue of $150.32 million.

For the full fiscal year 2024, the company expects an adjusted loss of 55 to 59 cents a share on revenue of $638 million to $648 million, compared with an expected 75 cents and $652.1 million.

The full-year revenue outlook was a miss in terms of analyst expectations, but with beats in revenue, earnings and first-quarter outlook, investors were impressed, sending Asana shares up 28% after-hours.

Image: Asana