Shares of Asana Inc. (ASAN) plunged 16% Wednesday as the maker of work m꧒anagement software warned that t✤he company is facing difficult economic times as customers limit their spending. 

The company's renewal base has been impacted by continuing macroeconomic headwinds, executives said on the company's earnings call Tuesday after close. However, they noted that Asana is seeing signs of stabilization in new business.

"Deal cycles continue to be longer and budgets continue to be a significant factor," said Chief Financial Officer Anne Raimondi.

The negative reaction from investors Wednesday came even as the company posted better-than-expected results and gave strong guidance. 

Asana reported a fiscal third-quarter loss of 4 cents per share, narrowing from a loss of 26 cents a year ago and about a third less than forecasts. Revenue was up 18% to $166.5 million, exceeding forecasts.

The company said the number of core customers spending $100,000 or more on an 澳洲幸运5官方开奖结果体彩网:annualized basis rose 18% to 580, and those speꦑnding $5,000 or🌟 more increased 14% to 21,346.

Asana predicted its current-quarter loss would widen to 9 or 10 cents per shar༺e, and sales would be between $167 million and $168 million. Those forecasts were also higher than analysts anticipated. In addition, the company raised its full-year outlook.

Despite Wednesday’s selloff, shares of Asana are up more♑ than 45% for the year.