Shares of workflow management software company Smartsheet (NYSE: SMAR) popped on Friday after the company released financial results for the second quarter of its fiscal 2023. The company also announced an acquisition. And as of 1:15 p.m. ET, Smartsheet stock was up 10%.

In Q2, Smartsheet generated revenue of nearly $187 million, up 42% year over year and ahead of analyst expectations. On the bottom line, the company had an adjusted net loss of $0.10 per share, which was also better than Wall Street's estimates. Moreover, these results were also both ahead of guidance from Smartsheet's management, so everybody was pleasantly surprised with financial results.

Smartsheet also announced the acquisition of Outfit, a company that offers automation tools and templates to brands for creating marketing campaigns. Terms of the deal weren't disclosed, but Smartsheet says it will be funded via the cash on the balance sheet, of which there's $227 million. And Outfit will be folded into Smartsheet's Brandfolder platform.

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Source Fool.com