Smartsheet (NYSE:SMAR) stock is soaring today as the company unveiled its latest quarterly earnings results after the bell on Tuesday, bringing in a loss that was narrower than anticipated, as well as revenue that surpassed what Wall Street called for in its consensus estimate.
The Bellevue, Wash.-based business said that for its fourth quarter of its fiscal 2018, it posted a loss of roughly $11.7 million, which roughly tallied up to 11 cents per share. The figure was wider than the loss total it posted during the same period in its fiscal 2017, when the figure was $8.7 million, or 45 cents per share.
On an adjusted basis, Smartsheet amassed a loss of roughly 7 cents per share, which is half the loss amount that analysts were calling for. The Wall Street guidance predicted that the company’s adjusted loss would be 14 cents per share, according to FactSet data.
The business saw its revenue surge nearly $20 million to $52.2 million from the $33 million in the year-ago period. Wall Street projected Smartsheet to bring in sales of $49.7 million, according to data compiled by FactSet.
The company added that it calls for a loss of 19 cents to 18 cents for its first quarter of 2019, wider than the Wall Street loss of 14 cents per share. It sees revenue for the same three months as being $54 million to $55 million, ahead of the $52.6 million that analysts predict.
SMAR stock is up about 7.6% on Wednesday following the news of a strong quarterly performance.