Asana (NYSE:ASAN) reported mixed Q1 results that were marked by the continued deceleration in growth balanced against improving profitability. Most of the earnings call centered on GenAI announcements which were released soon after earnings and led shares up 4% after-hours yesterday.

Q1 EPS came in at ($0.09), better than the Street estimate of ($0.18). Revenue was $152.4 million, beating the consensus estimate of $150.58 million.

Analysts at RBC Capital said they remain cautious as business fundamentals don't match the current valuation given above-average macro sensitivity and risks associated with the ongoing and dramatic change in financial profile (plus potential disruption from shift to focus on enterprise).