We’re in the “mention AI as soon as you can” stage of business reporting
Productivity software company Asana, which is currently run by Facebook cofounder Dustin Moskovitz, just reported its Q1 earnings, with revenue clocking in at $187.3 million in the first three months of the company’s latest fiscal year.
As a relatively small software name, with a market cap of just ~$4 billion, Asana is unlikely to be a bellwether for broader insights into demand for B2B software. But what is interesting, in my opinion, is that the company’s press release for the earnings begins with a quote from its CEO:
“Just months after launching AI Studio, we’ve already crossed $1 million in ARR and head into Q2 with a robust, rapidly growing global pipeline.”
For a company with an annual revenue run rate close to $750 million, highlighting that it’s taken a new product “months” to reach ~0.13% of that amount in the very first line of your press release is certainly a choice, and it’s telling of just how desperate executives are to get their company — and indeed its stock price — associated with the AI trade.
For what it’s worth, investors don’t seem to love the print, with the stock trading 11% lower in the premarket.
