Motley Fool
Why Smartsheet Stock Just Dropped 10%
Shares of Smartsheet (NYSE: SMAR), a provider of workflow automation software, had tumbled 10.6% by 9:40 a.m. EDT Wednesday despite reporting an earnings beat Tuesday night. As it turned out, Smartsheet lost only $0.05 per share, and its sales beat expectations, rising 44% year over year to $131.7 million. CEO Mark Mader noted “the continued rapid adoption of our platform in new deals and expansion within existing customers,” pointing out that subscription revenue growth (recurring revenue) was even a bit better than revenue growth overall, up 45%.
