Smartsheet: Fiscal 1Q Earnings Snapshot
BELLEVUE, Wash. (AP) _ Smartsheet Inc. (SMAR) on Wednesday reported a loss of $19.8 million in its fiscal first quarter.
On a per-share basis, the Bellevue, Washington-based company said it had a loss of 19 cents. Losses, adjusted for stock option expense and costs related to mergers and acquisitions, were 12 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.
The maker of a cloud-based work-management platform posted revenue of $56.2 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $54.6 million.
For the current quarter ending in August, Smartsheet expects its results to range from a loss of 16 cents per share to a loss of 15 cents per share.
The company said it expects revenue in the range of $63 million to $64 million for the fiscal second quarter.
Smartsheet expects full-year results to range from a loss of 59 cents per share to a loss of 54 cents per share, with revenue ranging from $262 million to $265 million.
Smartsheet shares have increased 64% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $40.76, a climb of 41% in the last 12 months.