Smartsheet stock rallies more than 10% after results top Street estimates
Smartsheet Inc. shares rallied in the extended session Tuesday after the cloud-based work platform topped Wall Street estimates for the quarter and forecast better-than-expected revenue. Smartsheet shares rallied 12% after hours, following a 0.5% decline to close the regular session at $43.44. The company reported a fourth-quarter loss of $11.7 million, or 11 cents a share, compared with $8.7 million, or 45 cents a share, in the year-ago period. The adjusted loss was 7 cents a share. Revenue rose to $52.2 million from $33 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 14 cents a share on revenue of $49.7 million. Smartsheet expects a loss of 19 cents to 18 cents a share on revenue of $54 million to $55 million for the quarter, and 59 cents to 55 cents a share on revenue of $253 million to $257 million a year. Analysts had forecast a loss of 14 cents a share on revenue of $52.6 million for the quarter, and 52 cents a share on revenue of $243.8 million for the year.
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