Earnings Results: SmartSheet stock drops as weak outlook overshadows earnings beat
SmartSheet Inc. shares fell in the extended session Tuesday after the cloud-based work management platform’s weak outlook overshadowed its earnings beat.
shares dropped 10% after hours, following a 0.7% rise in the regular session to close at $43.49.
The company forecast an adjusted loss of 20 cents to 18 cents a share on revenue of $162 million to $163 million for the first quarter, and a loss of 70 cents to 62 cents a share on revenue of $750 million to $755 million for the year.
Analysts had estimated a loss of 11 cents a share on revenue of $160 million for the fourth quarter, and 27 cents a share on revenue of $730.1 million for the year.
Smartsheet reported a fourth-quarter loss of $53.1 million, or 42 cents a share, compared with $28.7 million, or 23 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 12 cents a share, compared with a loss of 4 cents a share in the year-ago period.
Revenue rose to $157.4 million from $109.9 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 15 cents a share on revenue of $151.6 million.