Washington-based Smartsheet inc’s (NYSE: SMAR) share price is rising premarket on Tuesday after the company announced its third-quarter fiscal year 2021 results.
The company reported that its revenue grew 38% to $98.9 million year over year, while its subscription revenue 41% year over year to $90.9 million.
There was a net loss of $32 million compared to $28.9 million during the same period last year with its non-GAAP net loss per share being -$0.12 compared to $0.15 the previous year.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
“Our third quarter was highlighted by continued strength with large deals, a new high water mark for our Government business, and a successful ENGAGE Conference with nearly 60,000 registrants,” said Mark Mader, President and CEO of Smartsheet.
The main highlight of the company’s report was the increase in demand it has seen with its average annualised contract values increasing to $4,665, an increase of 42% year over year and its dollar-based net retention rate coming in at 125%.
Smartsheet said it expects its fourth-quarter revenue to be up 30-31% year over year to between $102 to $103 million and calculated billings between $131 and $134 million, representing a growth of 29 to 32% year over year.
The company also announced a new CFO, Pete Godbole.
Shares of Smartsheet are up 16.83% so far premarket at all time highs of $73, after closing Monday’s session at $62.47.
Equity research firm Needham has upped its price target to $80, citing the demand across the whole of Smartsheet’s portfolio.
PEOPLE WHO READ THIS ALSO VIEWED:
