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Why Smartsheet Stock Is Tumbling Today

TheMotleyFool

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Shares of Smartsheet (NYSE: SMAR) tumbled on Thursday, after the company reported earnings for the second quarter of its fiscal 2021. It enjoyed robust revenue growth during the coronavirus-impacted quarter. But the stock was already outperforming the market average in 2020, and guidance wasn't as enthusiastic as investors hoped.

It also doesn't help that Smartsheet reported last night, considering the market is down big today. Many cloud-based companies are selling off anyway. Exacerbated by the market sell-off, Smartsheet stock was down 14% as of 11:45 a.m. EDT today.