Categories Earnings, Technology

Smartsheet exceeds Q3 estimates, stock surges

Cloud-based solutions provider Smartsheet (SMAR) came out Q3 loss of 9 cents per share and revenue of $47 million, beating analysts’ estimates for Q3. Analysts had expected the company to post a loss of 16 cents per share on revenue of $44 million. The stock jumped about 8% during the extended trading hours.

Smartsheet Q3 2019 earnings

The Bellevue, Washington-based tech firm had projected Q3 revenue to be between $43.5 million and $44.5 million and non-GAAP net loss per share to be in the range of $0.16 to $0.15.

GAAP loss per share was $0.15 compared to GAAP loss per share of $0.54 in the prior year period. Non-GAAP loss per share in the recently ended quarter shrunk to 9 cents from a loss per share of 11 cents in the year-ago quarter. Revenue jumped 59% to $47 million.

For the quarter ended October 31, 2018, subscription revenue surged 57% to $41.5 million and professional services revenue climbed 81% to $5.3 million.

For FY19, Smartsheet projects non-GAAP net loss per share of $0.44 to $0.42 and revenue to be in the range of $174.6 million to $175.6 million. Billings are targeted to be $210 million to $212 million, representing a year-over-year growth of 55% to 56%.

For the fourth quarter of fiscal 2019, the company eyes non-GAAP net loss per share to be $0.15 to $0.13 and revenue to be $49 million to $50 million.

Smartsheet Q3 2019 Key business metrics

As of October 31, 2018, domain-based customers increased 7% year-over-year to 77,893. The number of all customers with annualized contract values (ACV) of $50,000 or more surged 148% to 360 and average ACV per domain-based customer jumped 48% annually to $2,214.

“Off of strong billings and collections, we generated $2.4 million of positive operating cash flow while continuing to make substantial investments in the business,” said CFO Jennifer Ceran.

Cloud-based service providers like Workday (WDAY), ServiceNow (NOW) and Adobe (ADBE) gained momentum during last week encouraged by the upbeat results and strong outlook from cloud giant Salesforce (CRM).

Cloud computing firm Smartsheet to join the IPO league

Shares of Smartsheet ended Monday’s regular trading session at $27.06, up 0.59%. Smartsheet’s stock had so far gained 80% from its IPO price of $15 per share.

 

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top