Asana just reminded investors that progress on the spreadsheet can still hurt in the portfolio. The stock dropped about 13% to US$8.81 after its latest report, even as the company turned in Q2 revenue of US$216.4m and a 10% non GAAP operating margin.

Coming into earnings, Asana already carried a mixed profile for many investors. Losses remain part of the story, yet management leaned hard into artificial intelligence products that drove about a quarter of net new annual recurring revenue. The gap between that product momentum and the sharp one day share price drop is the main tension for investors to consider.

Is Asana trading at a genuine discount, or does this lower share price simply reflect ongoing losses and slower revenue growth?…