Smartsheet Surpasses Q1 Estimates with $263M Revenue, 20% YoY Growth, Stock Surges 13%

Jun 5, 2024, 09:21 PM

Smartsheet Inc. (NYSE: SMAR) reported strong financial results for the first quarter of fiscal year 2025, surpassing market expectations. The company posted an adjusted EPS of $0.32, beating the estimated $0.27, and reported revenue of $263 million, exceeding the expected $258.29 million. This represents a 20% year-over-year increase in total revenue. Subscription revenue rose 21% to $249.1 million, while professional services revenue also contributed to the growth. Following the earnings report, Smartsheet's stock surged 13% in post-market trading. The company has also authorized a $150 million share repurchase program. For the full fiscal year 2025, Smartsheet provided guidance with expected EPS ranging from $1.22 to $1.29 and revenue between $1.116 billion and $1.121 billion, representing a 16%-17% year-over-year growth. Additionally, for the second quarter of FY '25, Smartsheet expects revenue to be between $273 million and $275 million, with non-GAAP operating income projected to be $38 million to $40 million and non-GAAP net income per share projected to be $0.28 to $0.29.