By Denny Jacob
Smartsheet shares tumbled 12%, to $42.89, in aftermarket trading Wednesday as its outlook was only in line with analysts’ estimates.
The cloud-based platform developer forecast revenue between $228 million and $231 million as well as earnings in the range of 7 cents and 8 cents on an adjusted basis in the second quarter. Analysts polled by FactSet forecast revenue around $230.4 million and adjusted earnings of 7 cents a share.
For fiscal 2024, Smartsheet guided for revenue between $943 million and $948 million and earnings in the range of 37 cents and 44 cents on an adjusted basis. Analysts polled by FactSet predicted $945.9 million in revenue and adjusted earnings of 35 cents a share.
Chief Executive Mark Mader said Smartsheet is seeing strong demand from its enterprise customers. The company is planning artificial intelligence-based capabilities in its platform.
Smartsheet’s outlook came as it reported a narrower loss and higher revenue in the first quarter.
Write to Denny Jacob at [email protected]
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