Shares of Smartsheet fell more than 20% in after-hours trading Wednesday even as the company beat expectations for its quarterly earnings report.
Bellevue, Wash.-based Smartsheet posted $85.5 million in revenue, up 52% year-over-year, and a non-GAAP net loss per share of $0.11, down from a net loss of $0.12 last year.
Investors may have been spooked by the company’s guidance for the current quarter and fiscal year, which came in below expectations. Smartsheet also withdrew its previously-announced full-year billings and free cash flow guidance “given uncertainties related to the ongoing novel coronavirus and resulting COVID-19 disease (“COVID-19″) pandemic and rapidly changing global economic environment.”
“We delivered a good first quarter, given the market conditions,” Smartsheet CEO Mark Mader said in a statement. “Smartsheet has become an increasingly mission-critical platform for enterprises seeking to enable a dynamic workforce; a workforce capable of working from anywhere, adapting to rapidly changing conditions, and staying deeply connected to their individual work and the mission of their teams, no matter the circumstance.”
On a March earnings call, Mader said the company’s strong cash position and a diverse customer base would help it get through the economic crisis.
Smartsheet, which went public in 2018, now has approximately 83,000 domain-based customers that use the company’s software for project management and other collaborative work. It employs more than 1,600 people across five cities worldwide.
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