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Smartsheet stock jumps after Q1 results beat expectations with $117.1M in revenue, up 37%

Smartsheet inventory rose practically four% in after-hours buying and selling as the corporate noticed income develop 37% year-over-year to $117.1 million for its fiscal first quarter with a non-GAAP web lack of $zero.09. Wall Road anticipated income of $111.eight million and a lack of $zero.14 per share.

Smartsheet’s subscription income was up 40% to $108 million. The Bellevue, Wash.-based firm, which sells collaboration work administration software program, elevated the quantity of consumers with annualized contract values of greater than $100,000 by 69%, to a complete of 661.

“These outcomes reveal how no-code applied sciences like Smartsheet have gotten a important a part of the enterprise expertise stack, enabling organizations to handle packages, processes, and tasks at scale,” Smartsheet CEO Mark Mader mentioned in an announcement.

Shares of Smartsheet reached document highs earlier this yr, however have fallen round 25% since then and are buying and selling at about $60/share. The corporate’s market cap is $7.5 billion.

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