Upbeat Quarterly Results Sends Smartsheet Shares Higher In Pre-market

(RTTNews) - Shares of Smartsheet Inc. (SMAR), a cloud-based work management platform, were rising more than 13 percent in pre-market on Thursday to $42.75 after reporting upbeat quarterly results. Further, the company's second-quarter as well as full-year profit outlook came in above analysts' view.

Smartsheet reported net loss of $8.86 million or $0.06 per share for the first quarter, narrower than $29.87 million or $0.23 per share loss in the same quarter a year ago.

Excluding one-time items, the company posted earnings of $44.4 million or $0.32 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.26 per share.

Revenue for the quarter also increased 20 percent year on year to $262.98 million, with subscription revenue growth of 21 percent to 249.1 million from last year. The consensus estimate for revenue was $258.28 million.

For the second quarter, the company currently expects adjusted income per share in the range of $0.28 - $0.29, above the Street view of $0.25 per share.

For the full fiscal year, adjusted income per share is expected between $1.22 and $1.29. The consensus estimate stands at $1.11 per share.

Smartsheet shares had closed at $37.78, up 0.45 percent on Wednesday. The stock has traded in the range of $35.52 - $49.42 in the last 1 year.