05:04 PM EDT, 09/03/2024 (MT Newswires) -- Asana (ASAN) reported a fiscal Q2 non-GAAP loss late Tuesday of $0.05 per share, wider than a loss of $0.04 a year earlier.

Analysts polled by Capital IQ expected a non-GAAP loss of $0.08.

Revenue for the quarter ended July 31 was $179.2 million, up from $162.5 million a year earlier.

Analysts polled by Capital IQ expected $177.7 million.

For fiscal Q3, the software firm is projecting a non-GAAP loss of $0.07 per share on revenue of $180 million to $181 million. Analysts polled by Capital IQ are looking for a $0.03 loss and $182.3 million in revenue.

For its fiscal 2025, Asana said it is expecting a non-GAAP loss of $0.19 to $0.20 per share on revenue of $719 million to $721 million. In May, the company guided a non-GAAP loss of $0.19 to $0.21 on revenue of $719 million to $724 million for the year. Analysts polled by Capital IQ are looking for a loss of $0.20 and revenue of $722.9 million.

Separately, the company said it hired Sonalee Parekh to be its new chief financial officer, starting Sept. 11.

The former RingCentral (RNG) and Hewlett Packard Enterprise ( HPE ) finance executive succeeds Tim Wan, who has been CFO at Asana since 2017 and will remain at the company in an advisory role to support the transition.

Shares of the company dropped nearly 18% in recent after-hours activity.

Price: 11.47, Change: -1.82, Percent Change: -13.66