Bloomberg

Shares of Smartsheet (SMAR - Get Report) took a pounding Thursday after the cloud-based work platform reported a quarterly loss.

Smartsheet's stock price plunged 8.7% to $43.74 as the tech company reported a non-GAAP loss of 8 cents a share in the second quarter, or $9 million, compared with a loss of $8.1 million in the same period in 2018.

The decline in Smartsheet's stock price came even as the company beat analysts' expectations on earnings and revenue.

The tech firm's loss of 8 cents a share was half of the 16 cents a share predicted by analysts surveyed by Zacks Investment Research.

Smartsheet also beat analysts' estimates on revenue by 1.79%, with a 53% jump in revenue during the quarter to $64.6 million, according to Zacks.

The company also touted big increases in the number of customers signing up for its cloud-based work platform in the second quarter.

"We delivered another strong quarter by executing our strategy of providing high-value solutions for enterprises, expanding Smartsheet's presence in new and existing customers, and driving international growth," said Mark Mader, president and CEO of Smartsheet, in a press statement.

Even so, Smartsheet also reported negative net operating cash flow of $2.7 million in the quarter, up from $1.1 million the year before, while its GAAP operating loss rose to 32% of revenue in the second quarter, up from 31% a year before.