Smartsheet (SMAR) - Get Report shares cratered Thursday after the work-management platform company reported lower-than-expected billings for its fiscal first quarter and a lower-than-expected earnings forecast for the second quarter.
It registered a net loss of $27.8 million, or 23 cents a share, for the quarter ended April 30, widening from a loss of $19.8 million, or 19 cents a share, in the year-ago period.
Smartsheet suffered an adjusted loss per share of 11 cents, narrowing from a 12 cent loss a year ago and handily beating analysts' estimates that called for a loss of 19 cents.
The company’s revenue surged 52% to $85.5 million in the latest quarter, up from $56.2 million last year and easily topping analysts’ forecasts of $81.3 million.
But billings for the latest quarter fell well short of expectations. They soared to $89.9 million from $69.1 million. But analysts projected $94.1 million.
For the current quarter, Smartsheet foresees revenue of $86 million to $87 million and an adjusted net loss of 16 cents to 18 cents a share.
But analysts anticipated $88.2 million of revenue and a 14-cent adjusted loss per share. Smartsheet also forecasts billings of $91 million to $93 million for the quarter, well behind analysts’ prediction of $104.2 million.
Smartsheet sounded pleased with its first-quarter performance. "We delivered a good first quarter, given the market conditions," CEO Mark Mader said in a statement.
“Smartsheet has become an increasingly mission-critical platform for enterprises seeking to enable a dynamic workforce."
Smartsheet shares recently traded at $45.83, down 22.43%, and have slid 0.6% over the last three month, including Thursday’s plunge.