Smartsheet reported April-quarter earnings and revenue Tuesday that edged by estimates while the company's own outlook for SMAR stock disappointed. Shares plunged in after-hours trading.
The software maker said that on an adjusted basis it lost 18 cents per share, widening its loss versus a year earlier. Revenue rose 44% to $168.3 million, said the Bellevue, Wash.-based company.
In the Smartsheet earnings report, analysts expected the company to report a loss of 19 cents a share on revenue of $162.5 million. A year earlier, Smartsheet had a 9-cent loss on sales of $117.1 million.
Billings climbed 36% to $180.1 million versus estimates of $178 million.
SMAR stock fell 5.7% to 38.25 in extended trades on the stock market today.
SMAR Stock: Revenue Guidance Edges By Estimates
For the current quarter ending in July, Smartsheet said it expects a loss of 20 cents at the midpoint of its outlook. Analysts had predicted a 17-cent loss.
The maker of project management software forecasts revenue of $180.5 million versus estimates of $179.3 million.
Smartsheet reported first-quarter earnings after the market close.
Heading into the Smartsheet earnings report, the company's stock owned a Relative Strength Rating of 16 out of a possible 99, according to IBD Stock Check-Up.
Stock Down 49% This Year
Also, SMAR stock has retreated 49% in 2022. In addition, companies use its products to manage workflows and projects and facilitate collaboration.
If you're new to IBD, consider taking a look at its stock trading system and CAN SLIM basics. Recognizing chart patterns is one key to the investment guidelines.
IBD offers a broad range of growth stock lists, such as Leaderboard. Investors also can create watch lists for issues such as SMAR stock, find companies nearing a buy point, or develop custom screens at IBD MarketSmith.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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