Smartsheet Shares Up 10% Following Q3 Results

Smartsheet Inc. (NYSE:SMAR) shares were trading around 10% higher Friday morning following the company’s reported Q3 results, with revenue coming in at $145 million, up 46% year-over-year, beating the consensus estimate of $140 million. The quarterly non-GAAP EPS was $(0.03), compared to the consensus estimate of $(0.11).

The key highlight out of the quarter was the 2023 billings guide of 37%-40%, well above consensus. Other key takeaways were:

(1) key metrics were solid and give confidence in healthy NTM growth,

(2) enterprise momentum continued with record >$50,000 and >$100,000 customer adds,

(3) margin improvements continued.