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Asana Inc. Class A (ASAN) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing reports revenues of $183.9 million for the quarter, a 10% increase from $166.5 million in the same quarter the previous year. This growth is attributed to the addition of new paying customers and a shift towards higher-priced subscription plans.
Cost of revenues for the quarter was $19.8 million, representing 11% of revenues, compared to 10% in the same quarter of the previous year. The increase in cost ratio is primarily due to higher third-party hosting costs.
Asana reported a gross profit of $164.1 million for the quarter, compared to $150.5 million in the previous year.
Operating expenses increased to $224.3 million from $213.9 million, with research and development expenses rising by 3% to $83.3 million. Sales and marketing expenses increased by 6% to $104.7 million.
The company reported a net loss of $57.3 million for the quarter, compared to $61.8 million in the previous year.
Cash used in operating activities was $0.9 million, while cash provided by investing activities was $20.2 million, and cash used in financing activities was $58.2 million.
As of October 31, 2024, Asana held $455.3 million in cash, cash equivalents, and marketable securities.
The filing highlights the company's focus on expanding its customer base and increasing the adoption of its platform across larger organizations.
The report also discusses the impact of global macroeconomic conditions, including inflation and elevated interest rates, on the company's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Asana Inc. Class A quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.