Shares of Asana, Inc. (ASAN) plummeted 16.69% in Wednesday's intraday trading following the release of its first-quarter fiscal 2026 earnings report. The work management platform provider delivered mixed results, with an earnings beat overshadowed by a revenue miss and lowered full-year guidance, sparking concerns among investors about the company's growth trajectory.

Asana reported adjusted earnings per share of $0.05, surpassing the analyst consensus of $0.02. However, the company's revenue of $187.27 million fell short of expectations, growing only 8.59% year-over-year. This indicates a significant deceleration compared to the 26% growth rate seen in the same quarter last year. Adding to investor worries, Asana lowered its full-year revenue guidance to a range of $775 million to $790 million, down from the previous forecast of $782 million to $790 million.

The disappointing results and outlook prompted several analysts to reevaluate their stance on Asana. Morgan Stanley cut its price target to $13 from $14, while BofA Global Research reduced its price objective to $21 from $23. RBC Capital maintained a Sell rating with a price target of $10. The cautious analyst sentiment, combined with signs of slowing growth and increased buyer scrutiny, particularly in the enterprise and corporate customer bases, appears to have fueled the sharp sell-off in Asana's stock.