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Smartsheet Q3 Results Top Street; Shares Up 7%

Smartsheet Inc. (SMAR) Monday reported a loss for third quarter that was narrower than Wall Street analysts' estimates, sending its shares up 7% in extended trading session.

Third-quarter loss was $15.6 million or $0.15 per share, compared with last year's loss of $10.4 million or $0.54 per share. Adjusted loss narrowed to $0.09 per share from $0.11 per share last year.

Total revenue for the third quarter rose 59% to $46.9 million from $29.4 million last year.

Analysts polled by Thomson Reuters expected loss of $0.16 per share and revenues of $44.14 million.

Subscription revenue was $41.5 million, an increase of 57% year-over-year, while Professional services revenue was $5.3 million, an increase of 81% year-over-year.

"Our momentum continued in Q3 with revenue growing 59% year-over-year and dollar-based net retention rate reaching a record 132%," said Mark Mader, CEO of Smartsheet. "Our growth demonstrates that for many of our largest and fastest-growing customers, Smartsheet has become a mission-critical work execution platform that delivers operationally important solutions across their businesses."

Looking forward to the fourth quarter, the company expects revenues of $49.0 million to $50.0 million and adjusted loss of $0.15 to $0.13 per share. Analysts currently estimate loss of $0.17 per share and revenues of $45.6 million.

For the full year 2018, total revenues is expected to be $174.6 million to $175.6 million and adjusted loss of $0.44 to $0.42 per share. Analysts currently estimate loss of $0.53 per share on revenues of $168.53 million.

SMAR closed Monday's trading at $27.06, up $0.16 or 0.59%, on the Nasdaq. The stock further gained $1.94 or 7.17% in the after-hours trading.

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