Asana ASAN reported a loss of 26 cents in third-quarter fiscal 2023, beating the Zacks Consensus Estimate by 18.75% but wider than the year-ago quarter’s loss of 23 cents per share.Total revenues jumped 41% year over year to $141.4 million and surpassed the consensus mark by 1.78%. Unfavorable forex negatively impacted revenues by 200 basis points (bps).Revenues from the United States grew 47% year over year, accounting for 61% of the company’s total revenues. International revenues grew 33% year over year, accounting for 39% of total revenues.Asana’s business expansion slowed down in the reported quarter as its customers faced challenges from slowing economic conditions globally. Asana, Inc. Price, Consensus and EPS Surprise Asana, Inc. price-consensus-eps-surprise-chart | Asana, Inc. QuoteASAN shares were down 18.64% in pre-market trading following the results.Quarter DetailsIn the fiscal third quarter, the number of customers spending $5K or more on an annualized basis grew to 18,700, up 32% year over year. Revenues from these customers soared 52% year over year and accounted for 73% of total revenues.The number of customers spending $100K or more on an annualized basis grew to 493, up 78% year over year.Overall, the dollar-based net retention rate was more than 120%. Dollar-based net retention rate for customers with $5K or more in annualized spending was 128%. Dollar-based net retention rate for customers with $100K or more in annualized spending was more than 140%.Non-GAAP gross margin contracted 100 bps year over year to 89.6%.Non-GAAP research and development expenses, as percentage of revenues, were 35.5%, down 350 bps year over year.Sales and marketing, as a percentage of revenues, increased 410 bps year over year to 69.7%.General and administrative expenses, as a percentage of revenues, declined 560 bps year over year to 21.6%.Non-GAAP operating loss was $52.6 million, wider than the $41.3 million reported in the year-ago fiscal quarter.Balance SheetAsana had $509.1 million in cash and cash equivalents as of Oct 31, 2022 compared with $239 million as of Jul 31, 2022.In the fiscal third quarter, free cash outflow was $48.5 million compared with $42.3 million in the previous quarter.GuidanceFor fourth-quarter fiscal 2023, Asan expects revenues in the range of $144-$146 million, which indicates year-over-year growth of 30% at the midpoint.Non-GAAP operating loss is expected in the range of $60-$57 million while non-GAAP net loss is anticipated to be 28-27 cents per share.In the current quarter, Asana reduced global headcount by 9% as part of its restructuring initiative, which will result in non-recurring restructuring charges of $9-$11 million, expected to be incurred in the fourth quarter of fiscal 2023.For fiscal 2023, revenues are expected to be $541-$543 million, indicating year-over-year growth of 43%.Non-GAAP operating loss is expected in the range of $230-$227 million and non-GAAP net loss is anticipated between $1.15 and $1.14 per share.Zacks Rank & Stocks to ConsiderCurrently, Asana carries a Zacks Rank #3 (Hold).ASAN shares have declined 75.8% year to date, underperforming the Zacks Computer & Technology sector’s decline of 30.2%.Some better-ranked stocks in the sector are Richardson Electronics RELL, Sanmina SANM and Super Micro Computer SMCI. All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Shares of Richardson Electronics, Sanmina and Super Micro Computer are up 96%, 62.5% and 105.9%, respectively, on a year-to-date basis. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Richardson Electronics, Ltd. (RELL): Free Stock Analysis Report Sanmina Corporation (SANM): Free Stock Analysis Report Super Micro Computer, Inc. (SMCI): Free Stock Analysis Report Asana, Inc. (ASAN): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research