Asana’s third quarter results were met with a positive market reaction, driven by management’s focus on expanding its AI platform and disciplined cost control. CEO Dan Rogers attributed the performance to improvements in net retention rates and growing customer adoption of AI Studio, saying, “AI Studio delivered another good quarter with solid growth in sequential bookings.” The company also highlighted progress in enterprise and international customer segments, with notable wins in healthcare and financial services. Outgoing COO Anne Raimondi noted strength in customer retention and successful renewals with several large technology clients.

Is now the time to buy ASAN? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Asana’s Q3 Earnings Call

• Matt Bullock (Bank of America): Asked how AI Studio’s self-serve launch is influencing customer renewals and early adoption. COO Anne Raimondi said it democratizes AI access and strategically supports renewals by providing more value propositions.
• Steve Enders (Citi): Questioned the outlook for the tech sector after recent layoffs and whether Asana is seeing stabilization. CEO Dan Rogers said tech remains a headwind but sees improving renewal and expansion, with AI and multiproduct adoption reducing reliance on seat counts.
• Josh Baer (Morgan Stanley): Inquired about Asana’s competitive positioning as AI agents proliferate in productivity tools. Rogers explained that Asana’s differentiation is its context-driven AI platform with built-in governance, operating as collaborative “teammates” rather than siloed agents.
• Rob Oliver (Baird): Asked about the maturity and opportunity in Asana’s channel partner ecosystem. Rogers said the company is in the early innings of building a true partner ecosystem, with strong partner interest and opportunity ahead.
• Jackson Ader (KeyBanc): Queried whether revenue growth slowdown was due to muted upsell or expansion. Raimondi responded that improvements in downgrades and multiproduct strategy are supporting healthier retention, with flat or slightly higher renewals setting a foundation for future expansion.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be watching (1) the pace of adoption and monetization for AI teammates and continued AI Studio expansion, (2) further improvement in net revenue retention and churn among core and enterprise cohorts, and (3) execution on international growth initiatives, particularly in EMEA and Japan. We will also monitor whether cost optimization measures can sustain margin expansion as investment in AI accelerates.

Asana currently trades at $14.56, up from $13.45 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free for active Edge members).

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