What happened Shares of Asana (NYSE: ASAN) fell by 19.1% in June, according to data provided by S&P Global Market Intelligence. Shares of the work management platform have lost three-quarters of their value since the beginning of this year. Image source: Getty Images. So what Asana announced a record set of earnings for its fiscal first quarter of 2023, ended April 30. Revenue jumped by 57% year over year to $120.6 million and the company ended the quarter with 126,000 paying customers. CEO Dustin Moskovitz sounded an optimistic note and mentioned that Asana is capturing larger customers as a whole, a group that is expanding at a rapid clip. The dollar-based net retention rate for customers with more than $50,000 in annualized spend stood at 145%, and this segment of customers has doubled year over year to 979 from 485. Investors, however, were probably concerned about slower growth at the company. Revenue soared 61% year over year in the prior-year period, though net loss also ballooned from $35.8 million to $60.7 million during that time. It's disappointing to note that Asana's net loss continued to head up in Q1 2023 despite a record top-line performance, climbing by 63% year over year to $98.9 million. Asana's guidance for fiscal 2023 also did little to allay concerns over its declining growth rate, with a projection for a 42% to 43% year-over-year jump in revenue to between $536 million and $540 million. As a comparison, in fiscal 2022, revenue surged by 67% year over year. Now what The market may be expecting too much from the company, as Asana has demonstrated its ability to consistently grow its revenue quarter over quarter. By adopting a subscription-based business model and a "land-and-expand" strategy, the company has seen revenue almost triple from $48 million in Q1 2021 to $121 million for its latest quarter. Its overall dollar-based net retention rate of 120% is also impressive and shows its customers' stickiness. Last month, Asana launched a new package of features and tools to better support managers and their teams to improve innovation and reduce wasted time. Real-time insights are provided for key initiatives, thus reducing the need for excessive micromanagement and status meetings. The company believes it can tap into a vast total addressable market of 1.1 billion workers, and with less than 5% penetration, it's just getting started. 10 stocks we like better than Asana, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Asana, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 2, 2022 Royston Yang has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Asana, Inc. The Motley Fool has a disclosure policy.Source