Business

Smartsheet stock declines after unexpected unexpected loss forecast

Smartsheet Inc. shares fell in Tuesday’s extended session after the cloud-based labor management platform forecast a larger current-quarter loss than Wall Street had anticipated.

smartsheet
SMAR,
+3.68%
Shares fell 6% after the close after rising 3.7% in the regular session to close at $48.50.

The company is forecasting an adjusted loss of 21 cents to 19 cents per share on revenue of $180 to 181 million for the second quarter, while analysts expect a loss of 17 cents per share on revenue of $179.3 million .

Smartsheet also raised its guidance for the year to an adjusted loss of between 67 cents and 59 cents per revenue share of $756 million to $761 million. Last quarter, the company had forecast a loss of 70 cents to 62 cents a share on sales of $750 million to $755 million for the year, leading analysts to post a loss of 66 cents a share on sales of 752.6 million dollars for the year.

Smartsheet is also forecasting billings for the year to be between $910 million and $925 million, while analysts are expecting $917.1 million. In its most recent quarter, the company forecast billings of between $905 million and $925 million.

Smartsheet reported a loss of $70.5 million, or 55 cents a share, in the first quarter, compared to $37.1 million, or 30 cents a share, in the year-ago period. Adjusted loss, which excludes stock-based compensation expense and other items, was 18 cents per share, compared to a loss of 9 cents per share in the year-ago period.

Revenue increased to $168.3 million from $117.1 million in the year-ago quarter.

Analysts polled by FactSet had forecast a loss of 19 cents a share on sales of $162.5 million, based on the company’s guidance of an adjusted loss of 20 cents to 18 cents a share on sales of $162 million to $163 million US dollars in the last quarter.

“We continue to see significant expansion, particularly in the enterprise tier, as customers experience the powerful impact our platform has on their organizations,” said Mark Mader, Smartsheet chief executive, in a statement.

https://www.marketwatch.com/story/smartsheet-stock-declines-following-wider-than-expected-loss-forecast-11654634037?rss=1&siteid=rss Smartsheet stock declines after unexpected unexpected loss forecast

Brian Lowry

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