Asana, Inc. (NYSE:ASAN) shares closed more than 26% lower on Friday despite the company’s reported strong Q3 results, with revenues coming in at $100.3 million (up 70.3% year-over-year), beating the consensus estimate by 6.8%. Quarterly EPS was ($0.23), better than the consensus estimate of ($0.27).

New customer additions were above 7,000 quarter-over-quarter, with large customer (above $50,000) growth of 132.4% year-over-year. It seems the stock price drop was a result of raised concerns of investors around the deceleration in billings and RPO growth and widened losses year-over-year, with free cash flow standing at ($29.5) million compared to ($19.5) million a year ago.