Asana’s Private Placement Pop

The work management platform, Asana, popped about 20% today after announcing several positive developments. 👍

First, let’s start with its better-than-expected Q2 earnings report. Its adjusted earnings per share of $0.34 were five cents better than analyst estimates, and revenues of $134.9 million beat estimates of $127.2 million. Additionally, its revenue guidance for the next quarter was also above estimates.

Other news catching investors’ attention is the company completing a $350 million private placement sale to its CEO Dustin Moskovitz. The company will use the proceeds for working capital and general corporate purposes. But more importantly, when a company executive buys a significant amount of stock, investors tend to take that as a big vote of confidence.

Like other software stocks, $ASAN shares fell heavily over the last year but have found traction near $16 since May. Whether or not today’s rally is the start of a more significant turnaround remains to be seen. Though today’s news shows, at least one guy is betting big on it. 👀

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Another Chip Off The Ol’ Roblox

Roblox has made building so easy that a child can do it. Unfortunately, building a profitable existence as a publicly-traded entity has proven to be a much harder task. 🤷

Strong growth throughout the pandemic set the bar too high for its comparable numbers. As a result, its earnings reports this year have left a lot to be desired. In September, however, its usage data picked up and signaled that its business could be starting to stabilize. 

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Investors’ Gamble Didn’t Pay Off

As the Federal Reserve continues to raise rates and the economy heads for a recession, investors have little patience for money-losing companies. Especially those that aren’t growing.

If you don’t believe us, just ask DraftKings investors, who saw their investment plunge today after the company’s quarterly earnings report. 📉

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Nvidia’s Mixed Results

Semiconductor stocks have rebounded sharply over the last few weeks. But have their earnings improved enough to beat their lowered expectations?

Let’s see what Nvidia had to say.

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