Asana (NYSE:ASAN) shares fell by more than 6%, Wednesday, as the workplace productivity software maker continued to perform weakly following a series of mixed and disappointing quarterly reports for other companies in its arena.
There was no immediate direct reason for Asana's (ASAN) decline. The company, which is led by Facebook (NASDAQ:FB) co-founder Dustin Moskovitz, has seen its shares fall by more than 31% since mid-February, and is scheduled to report its fiscal fourth-quarter results on March 9.
What has impacted Asana (ASAN) has been a case of guilt-by-association due to the reports of some of its competitors and rivals. On Feb. 23, workplace management service company Monday.com (NASDAQ:MNDY) reported a fourth-quarter loss and suggested that revenue growth is starting to slowdown. That report drove Monday's (MNDY) shares down more than 27%, and Asana (ASAN) itself saw its shares dive by 23%, as well.
Zoom Video Communications (NASDAQ:ZM) also had a rough day, Wednesday, as its shares dipped by almost 3%, and are down by nearly 10% since Monday when the company suggested sales growth is showing signs of slowing.