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Stock Alert: Smartsheet Falls 22% On Outlook

Shares of enterprise platform Smartsheet Inc. (SMAR) are falling more than 22% Thursday morning after the company announced second-quarter outlook that fall short of guidance.

For the second quarter, Smartsheet expects loss on an adjusted basis to be in the range of $0.18 to $0.16 per share, while analysts polled by Thomson Reuters see loss of $0.14 per share.

The company expects second-quarter revenue to be in the range of $86.0 million to $87.0 million. The consensus estimate is at $88.23 million.

Wednesday the company reported first-quarter revenue of $85.5 million, an increase of 52% year over year.

Loss on an adjusted basis in the first quarter was $0.11 per share that beat the analysts' view of $0.19 loss per share.

Smartsheet stock is currently trading at $45.69. It has traded in the range of $30.91- $60.45 in the past one year.

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