logo
Plus   Neg
Share
Email

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
RELATED NEWS
Follow RTT