Q2 Earnings Roundup: Asana (NYSE:ASAN) And The Rest Of The Productivity Software Segment
Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Asana (NYSE:ASAN) and the best and worst performers in the productivity software industry.
Rising employee costs and the shift to more remote work has increased the ever-present pressure to improve corporate productivity, which in turn has driven rising demand for productivity software that enables remote work, streamline project management and automate business tasks.
The 16 productivity software stocks we track reported a strong Q2. As a group, revenues beat analysts’ consensus estimates by 3.1% while next quarter’s revenue guidance was 0.9% above.
Luckily, productivity software stocks have performed well with share prices up 11.6% on average since the latest earnings results.
Asana (NYSE:ASAN)
Born from the founders’ frustration with the inefficiencies of email-based collaboration at Facebook, Asana (NYSE:ASAN) provides a work management platform that helps organizations track projects, set goals, and manage workflows in a centralized digital workspace.
Asana reported revenues of $216.4 million, up 9.9% year on year. This print exceeded analysts’ expectations by 1%. Overall, it was a satisfactory quarter for the company with an impressive beat of analysts’ billings estimates but EPS guidance for next quarter missing analysts’ expectations significantly.
Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 13% since reporting and currently trades at $8.78.
Is now the time to buy Asana? Access our full analysis of the earnings results here, it’s free.
Best Q2: SoundHound AI (NASDAQ:SOUN)
Born from the idea that machines should understand human speech as naturally as people do, SoundHound AI (NASDAQ:SOUN) develops voice recognition and conversational intelligence technology that enables businesses to integrate voice assistants into their products and services.
SoundHound AI reported revenues of $61.9 million, up 45% year on year, outperforming analysts’ expectations by 18.1%. The business had an incredible quarter with a solid beat of analysts’ billings estimates.
SoundHound AI achieved the biggest analyst estimate beat and fastest revenue growth in the group. The market seems content with the results as the stock is up 2.5% since reporting. It currently trades at $6.59.
