Smartsheet (NYSE:SMAR) shares surged more than 13% on Friday as the application software maker reported third-quarter results that topped expectations and said its revenue for fiscal 2023 would be well above Wall Street's forecast.
For the period ending October 31, Smartsheet (SMAR) lost 31 cents per share on a GAAP basis as revenue surged 38% year-over-year to $199.6M. Analysts were expecting a loss of 48 cents per share on a GAAP basis and $194.34M in sales.
Looking ahead to the fourth-quarter, Smartsheet (SMAR) expects revenue to be between $205M and $207M, compared to expectations of $204.45M, a growth rate of 30% to 32%.
For the entire fiscal year, the company expects revenue to be between $760M and $762M, topping estimates of $751.55M. On an adjusted basis, it expects operating losses between $45M and $43M and a net loss of 30 to 31 cents per share.
The company also said it expects free cash flow to be around $5M.
