Asana, Inc. (NYSE:ASAN) reported better-than-expected Q2 results supported by broad-based demand. Shares are up more than 14% today. The company posted quarterly EPS of ($0.23) and revenue of $82.31 million, both beating the consensus estimates of ($0.26) and $82.31 million, respectively. The quarterly revenue grew 72% year-over-year, with large customer (customers spending $50,000 or more) growth of 111%.

The company provided its Q3 guidance, estimating its Q3 EPS to range from ($0.27) to ($0.26), which is better than the Street estimate of ($0.28), and its revenue to be $93-94 million, compared to the consensus estimate of $86.7 million. For the full 2022-year, the company expects revenue of $357 million-$359 million, representing a growth of 57%-58% year-over-year.

While guidance reflects some moderation in year-over-year growth, analysts at Oppenheimer believe there's room for upside and importantly, they expect a long, multi-year growth opportunity ahead. The brokerage raised its price target on the company’s shares to $85 from $77.