Options market pricing indicates that Asana Inc. Class A shares may experience a roughly 17% change in value when the company issues its quarterly earnings report on Sept. 3 after markets close, according to options-derived estimates compiled by Bloomberg.
That implied figure reflects traders' expectations for heightened volatility around the earnings announcement. In the context of the company’s recent history, actual price reactions to earnings have not consistently matched what options markets priced in; in three of the last eight quarterly releases, Asana's shares moved by a magnitude greater than the options-implied prediction.
Looking at the most recent quarterly report, the May 28 announcement produced a 16.0% move in the stock, a result that fell slightly short of the 17.9% implied move from options. Earlier in the year, the March 2 earnings date generated a far smaller market reaction - shares changed by only 2.5% despite an implied move of 14.5% priced into options.
There have also been instances of dramatic divergence from expectations. On Dec. 5, 2024, Asana’s shares surged 46.5% - a move that greatly exceeded the 14.2% that options had implied. Conversely, on March 10, 2025, the stock declined 34.3% while the options market had been signaling a 16.6% implied move.
These episodes illustrate that the options-implied move is a market estimate, not a ceiling or a floor; actual post-earnings swings can be materially larger or smaller. For investors and market participants watching Asana around the Sept. 3 report, the options-derived 17% figure serves as a gauge of expected volatility but does not determine the eventual price path.
Context note - The implied move cited above is based on options data compiled by Bloomberg and reflects market-implied volatility around the scheduled after-hours earnings release on Sept. 3.