Asana sinks after downbeat rev guidance, CEO succession plan

Shares of office-management software firm Asana ASAN.N down 25.5% post-market to $12.42, over 4-mth low, after rev forecasts miss consensus and co announces leadership change

San Francisco-based ASAN projects Q1 rev of $184.5-$186.5 mln and full-yr rev of $782-$790 mln, both below LSEG estimates of $190.8 mln and $803.5 mln, respectively

ASAN also says co-founder and CEO Dustin Moskovitz will step down and transition to role of board chair when a successor begins

Co's board has hired exec search firm for its next CEO

Q4 rev of $188.3 mln, up 10% y/y, was in-line with analysts' expectations, while adj EPS came in flat vs anticipated loss of a penny

Of 18 analysts covering ASAN, recommendation breakdown is 6 "strong buy" or "buy", 10 "hold" and 2 "sell" ratings; median PT is $19.50

ASAN shares on Mon fell 8.6% as equities tumbled amid recession jitters

YTD, stock down ~18% and off ~33% over the past three months