Smartsheet stock was up nearly 4% in after-hours trading as the company’s revenue grew 37% year-over-year to $ 117.1 million for your first fiscal quarter with a non-GAAP net loss of $ 0.09. Wall Street expected revenue of $ 111.8 million and a loss of $ 0.14 per share.
Smartsheet subscription revenue increased 40% to $ 108 million. The Bellevue, Washington-based company, which sells collaborative work management software, increased the number of clients with annualized contract values of more than $ 100,000 by 69%, to a total of 661.
“These results demonstrate how no-code technologies like Smartsheet are becoming a critical part of the enterprise technology stack, enabling organizations to manage programs, processes and projects at scale,” said Smartsheet CEO Mark Mader, it’s a statement.
Smartsheet shares hit record highs earlier this year, but have fallen about 25% since then and are trading at around $ 60 a share. The company’s market capitalization is $ 7.5 billion.