{"id":19756,"date":"2023-06-08T01:07:52","date_gmt":"2023-06-08T05:07:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/smartsheet-stock-falls-nearly-20-following-billings-miss-free-cash-flow-forecast\/"},"modified":"2023-06-08T01:07:54","modified_gmt":"2023-06-08T05:07:54","slug":"smartsheet-stock-falls-nearly-20-following-billings-miss-free-cash-flow-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19756","title":{"rendered":"Smartsheet stock falls nearly 20% following billings miss, free-cash-flow forecast"},"content":{"rendered":"
\n

Smartsheet Inc. shares dropped in the extended session Wednesday after a light free-cash-flow outlook and a miss on billings upset an otherwise strong quarter.<\/p>\n

Smartsheet
\n SMAR,
\n -5.15%<\/bg-quote>
\n shares dropped 19.2% after hours, following a 5.2% decline in the regular session to close at $49. <\/p>\n

\n

Should the stock trade at those levels on Thursday, it risks approaching its worst-performing day ever, when shares dropped 23% on June 4, 2020.<\/p>\n

For the year, the cloud-based work-management platform provider forecast adjusted earnings between 37 cents and 44 cents a share, up from a previous range of 31 cents to 38 cents a share, while leaving its revenue forecast unchanged at between $943 million and $948 million. Analysts surveyed by FactSet estimate 35 cents a share on revenue of $945.9 million for the year.<\/p>\n

Also, the company forecast free cash flow, or FCF, of $110 million, for the year while analysts surveyed by FactSet are estimating $110.9 million. Meanwhile, Smartsheet reported FCF of $31.9 million for the first quarter, while the Street was looking for $23.5 million, suggesting that free cash flow for the remainder of the year will underperform expectations by a greater degree than the $900,000 gap in the annual estimates would indicate. <\/p>\n

Also, first-quarter billings came in at $215.5 million, a gain of 20% from a year ago, but below the Street\u2019s forecast of $217.4 million. <\/p>\n

Following the release of results, Citi Research analyst Steven Enders, who has a neutral rating on the stock and a $50 price target, said the \u201cbillings miss and maintained [revenue] guide leave questions\u201d following the company\u2019s recent strong execution. <\/p>\n

The company forecast adjusted net income of 7 cents to 8 cents a share on revenue of $228 million to $231 million for the fiscal second quarter, while analysts expect 7 cents a share on revenue of $230.4 million. <\/p>\n

Smartsheet reported a first-quarter loss of $29.9 million, or 23 cents a share, compared with a loss of $70.5 million, or 42 cents a share, in the year-ago period. <\/p>\n

Adjusted earnings, which exclude stock-based compensation expenses and other items, were 18 cents a share, versus a loss of 18 cents a share in the year-ago period. <\/p>\n

Revenue rose to $219.9 million from $168.3 million in the year-ago quarter. <\/p>\n

Analysts had forecast earnings of 8 cents a share on revenue of $214.1 million, based on the company\u2019s forecast of 8 cents to 9 cents a share on revenue of $213 million to $215 million. <\/p>\n

At Wednesday\u2019s close, Smartsheet shares were up 24.5% for the year, compared with an 11.2% advance by the S&P 500 index
\n SPX,
\n -0.38%<\/bg-quote>
\n and a 25.2% gain by the Nasdaq Composite Index
\n COMP,
\n -1.29%<\/bg-quote>.<\/span>\n <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Smartsheet Inc. shares dropped in the extended session Wednesday after a light free-cash-flow outlook and a miss on billings upset an otherwise strong quarter. Smartsheet SMAR, -5.15% shares dropped 19.2% after hours, following a 5.2% decline in the regular session to close at $49. Should the stock trade at those levels on Thursday, it risks […]<\/p>\n","protected":false},"author":1,"featured_media":19757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-19756","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nSmartsheet stock falls nearly 20% following billings miss, free-cash-flow forecast | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Smartsheet Inc. shares dropped in the extended session Wednesday after a light free-cash-flow outlook and a miss on billings upset an otherwise strong\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19756\" \/>\n<meta property=\"og:locale\" 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