Smartsheet Surges on Narrower-Than-Expected Loss, Upbeat Outlook
Shares of Smartsheet (SMAR) - Get Smartsheet, Inc. Class A Report rose sharply in after-hours trading Monday after the company reported a narrower-than-expected third-quarter loss, offered upbeat guidance and named a new CFO.
Smartsheet reported a non-GAAP loss of 12 cents a share on revenue of $98.9 million for the quarter. It had been expected to report a loss of $26.4 million, or 21 cents a share, on sales of $94.6 million, based on a FactSet survey of 16 analysts.
In the same period a year ago, the company posted a loss of 15 cents a share on sales of $71.5 million. It reported a loss of 19.1 million.
For the fourth quarter, Smartsheet forecast total revenue of $102 million to $103 million and non-GAAP loss per share of 15 cents to 13 cents, based on a weighted average of 121.5 shares outstanding.
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For the year ahead, the company forecast total revenue of $378 million to $379 million and a non-GAAP net loss per share of 44 cents to 42 cents, assuming a weighted average shares outstanding of about 120 million
“Our third quarter was highlighted by continued strength with large deals, a new high water mark for our Government business, and a successful ENGAGE Conference with nearly 60,000 registrants," said Mark Mader, president and CEO of Smartsheet, in a statement.
Separately, the company said it had named Pete Godbole as chief financial officer. Godbole was previously CFO at Hearsay and GoodData.
Shares of Smartsheet rose $9.32, or 15%, to $71.83 in after-hours trading Monday.
The stock had gained 1.5% in the regular session on a mixed day for Wall Street that saw techs gain, but other stocks tread water in anticipation of an economic stimulus bill from Congress.
