Smartsheet Revenue Increases 44% to $ 131.7 Million; CEO touts work management software for hybrid world
Smartsheet beat expectations for its fiscal second quarter, with revenue of $ 131.7 million, up 44% year-on-year, and a non-GAAP loss of $ 5.2 million, from $ 7.4 million.
The company’s annual recurring revenue topped $ 500 million for the first time as it weathered the headwinds of accelerating software adoption amid the pandemic.
“Customers around the world choose Smartsheet to manage large-scale programs, automate workflows across all systems, and quickly set up solutions without code,” Smartsheet CEO Mark Mader said in a statement. “For the future, we are committed to continuing to innovate with our customers to create new and more powerful ways of working in a hybrid world.
Customers with annualized contract values of $ 50,000 or more increased to 1,856, up 34% year-over-year; those with a VGA over $ 100,000 rose to 748, up 73%.
Smartsheet, based in Bellevue, Wash., Which sells collaborative work management software, saw its shares drop 3% on Tuesday after hours. The stock has risen more than 70% in the past year, trading around $ 82 / share on Tuesday. The company’s market capitalization is $ 10.3 billion. Smartsheet competes with Asana, Monday.com, Wrike, Microsoft, and others.