Smartsheet stock jumps after Q1 results beat expectations with $117.1M in revenue, up 37%
Smartsheet stock rose nearly 4% in after-hours trading as the company saw revenue grow 37% year-over-year to $117.1 million for its fiscal first quarter with a non-GAAP net loss of $0.09. Wall Street expected revenue of $111.8 million and a loss of $0.14 per share.
Smartsheet’s subscription revenue was up 40% to $108 million. The Bellevue, Wash.-based company, which sells collaboration work management software, increased the amount of customers with annualized contract values of more than $100,000 by 69%, to a total of 661.
“These results demonstrate how no-code technologies like Smartsheet are becoming a critical part of the enterprise technology stack, enabling organizations to manage programs, processes, and projects at scale,” Smartsheet CEO Mark Mader said in a statement.
Shares of Smartsheet reached record highs earlier this year, but have fallen around 25% since then and are trading at about $60/share. The company’s market cap is $7.5 billion.