By Denny Jacob
Smartsheet reported a narrower loss and higher revenue in the latest quarter.
The cloud-based platform developer said its loss was $29.9 million, or 23 cents a share, for the first quarter ended April 30, compared with a loss of $70.5 million, or 55 cents a share, a year earlier. Adjusted earnings were 18 cents a share, above analysts’ estimates of 8 cents.
Revenue rose to $219.9 million from $168.3 million. Analysts polled by FactSet expected $214.1 million.
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.
Write to Denny Jacob at [email protected]
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