Smartsheet Q1 Results Beat Street, Outlook Mediocre

(RTTNews) - Smartsheet Inc. (SMAR) on Wednesday reported first-quarter results, with earnings and revenues beating Street's targets. However, shares slipped 17% in after-hours trading reflecting a mediocre outlook for the second quarter.

Wednesday, the stock was trading at $40.23 in the after-hours, down 17% or $8.77 a share, on the New York Stock Exchange.

The company reported a net loss of $29.9 million or $0.23 per share for the quarter, narrower than the loss of $70.5 million or $0.55 per share the prior year.

On an adjusted basis, it reported an income of $25 million or $0.18 per share, compared to the loss of $23.7 million or $0.18 per share the prior year. Analysts expected earnings of $0.08 per share.

Revenue increased to $219.8 million from $168.3 million the previous year. It beat the consensus estimate of $214.07 million.

For the second quarter, the company expects to report earnings between $0.07 and $0.08 per share. Analysts currently expect earnings of $0.07 per share. Net sales are expected to be in the range of $228 million to $231 million, compared to the analyst consensus of $230.09 million.

For the full year, the company sees earnings of $0.37 to $0.44 per share, compared to the consensus of earnings per share of $0.35. Revenue is expected to be between $943 million and $948 million, compared to the consensus of $945.92 million