Smartsheet stock soars 15% as Q3 revenue grows 46% to $144M

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Smartsheet business is on track.

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The Seattle-area software company set records “at multiple financial and operational levels,” CEO Mark Mader said in a statement: third quarter earnings report, Revenue rose 46% to $144.6 million and non-GAAP net loss per share was $0.03, beating expectations. Customers with an annual contract value of $100,000 or more grew 72% year-over-year to 868.

Smartsheet, which sells collaboration task management software, raised its full-year projections as of fiscal 2022, with revenue expected to be between $544 and $545 million. Wall Street looked happy, as shares rose more than 15% in after-hours trading.

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“Our platform can grow from a simple project management tool used by a five-person firm to an enterprise SaaS platform that enables the world’s largest companies to work across critical business systems,” Mader said in a statement. ” “Our business model and teams are designed to take advantage of the vast opportunity before us to help global customers of all sizes transform the way they work.”

Smartsheet said more than 9.5 million people and 100,000 companies now use its platform. Customers include Cisco, Meta, Adobe and Amazon Web Services.

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Smartsheet’s stock was down more than 20% since September. The company has a market capitalization of $7.7 billion. Smartsheet competes with Asana, Monday.com, Wrike, Microsoft and others.

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