Why Smartsheet Stock Bucked the Market Trend and Was Gaining Ground Friday
Shares of Smartsheet (NYSE: SMAR) surged out of the gate Friday, jumping as much as 16.5%, before being weighed down by the falling market. As of 1:13 p.m. ET, the stock was still up 6.4%.
The catalyst that sent the workflow management software provider higher was a financial report that exceeded already bullish expectations.
For its fiscal 2022 third quarter (ended Oct. 31), Smartsheet delivered revenue of $144.6 million, up 46% year over year, driven by subscription revenue of $132.6 million, also up 46%. At the same time, professional services revenue jumped to $12 million, up 50%. This resulted in a non-GAAP loss per share of $0.03, which narrowed from a loss per share of $0.12 in the prior-year quarter.
Source Fool.com
