Shares of Asana (ASAN), the leading enterprise work management platform, tumbled about 30% in morning trade on March 11 following its latest quarterly report. Investor sentiment has soured due to weak guidance and the announcement of a CEO succession plan amid a weak macroeconomic environment.

Asana (ASAN) stock price has imploded in the past few weeks, falling by over 34% from its highest point in 2024. It has dropped to a low of $18.3, and is hovering at its lowest swing since December 6.

Asana stock remains challenged in the face of CEO Dustin Moskovitz’s sudden retirement and a downbeat outlook for the current fiscal quarter, analysts said. Shares plummeted in after-hours trading Monday following the announcement that Moskovitz was stepping down from the top role at the company he co-founded nearly 17 years ago.