Stock Alert: Smartsheet Jumps 19% On Quarterly Results

(RTTNews) - Shares of cloud-based platform provider Smartsheet Inc. (SMAR) are up more than 19% Tuesday morning following better-than-expected third-quarter results.

The stock touched a new high of $74.95 this morning.

In the third quarter, the company reported net loss was $32.0 million or $0.26 per share, compared with net loss of $28.9 million or $0.25 per share in the same quarter a year ago.

Loss on an adjusted basis of $0.12 per share beat the average estimate of analysts polled by Thomson Reuters of $0.21 per share loss.

Revenue for the quarter grew 38% year-over-year to $98.9 million.

For the fourth quarter, the Company expects revenue to be in the range of $102 million to $103 million and adjusted loss per share in the range of $0.15 to $0.13. Analysts see loss of $0.13 per share on revenue of $99.5 million for the quarter.

For the full year, the Company expects revenue to be in the range of $378 million to $379 million and adjusted loss per share in the range of $0.44 to $0.42.The consensus estimate for loss is at $0.51 per share and for revenue is at $370.75 million.