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Here is why Smartsheet Inc. (SMAR) stock shined on Thursday?

Smartsheet Inc. (SMAR) shares rose 15.63% in after-hours on Thursday, December 02, 2021, and closed Thursday’s trading at $70.72. Even in the regular trading session of Thursday, SMAR’s stock gained 2.81%. SMAR shares have risen 9.02% over the last 12 months, and they have moved down 3.65% in the past week. Over the past three months, the stock has lost 24.63%, while over the past six months, it has declined 3.47%.

Let’s have a look at its recent news and developments.

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SMAR latest financial results

On December 02, 2021, Smartsheet Inc. (SMAR), the enterprise platform for dynamic work, released financial results for its third fiscal quarter ended October 31, 2021, and also provided a financial outlook for 2022.

Q3 2022 financial highlights

  • SMAR reported total revenue of $144.6 million for the third quarter of fiscal 2022 compared to $98.9 million in the third quarter of fiscal 2021.
  • The total cost of revenue was $29.4 million in Q3 2022 compared to $23.73 million in Q3 2021.
  • Total operating expenses were $151.19 million in Q3 2022 compared to $111.09 million in Q3 2021.
  • It suffered a net loss of $36.7 million or net loss per share of $0.29 in Q3 2022 compared to GAAP net loss of $32.0 million or net loss per share of $0.26 in the third quarter of fiscal 2021.

Q4 2022 financial outlook

For Q4 2022, Smartsheet is expecting

  • Total revenue in the range of $151 million to $152 million.
  • Non-GAAP operating loss of $20 million to $18 million.
  • Non-GAAP net loss per share in the range of $0.16 to $0.14.

FY 2022 financial outlook

For the full fiscal year 2022, the Company is expecting,

  • Total revenue in the range of $544 million to $545 million.
  • Non-GAAP operating loss of $40 million to $38 million.
  • Non-GAAP net loss per share of $0.32 to $0.30.

SMAR partnership with Special Olympics

On November 15, 2021, Smartsheet (SMAR)announced a partnership with Special Olympics Inc (SOI) to empower its teams and athletes to manage projects, automate workflows and collaborate more easily.

The new partnership will provide SOI additional Smartsheet capabilities and support to realize the full impact that seamless collaboration can have across its whole organization.

SMAR recent leadership changes

On November 12, 2021Smartsheet Inc. (SMAR), announced a series of strategic changes to its executive team.

  • SmartsheetappointedPraerit Garg as chief product officer and executive vice president of engineering. He will now oversee Smartsheet’s product and engineering organizations.
  • Stephen Branstetter was appointed as the company’s first chief operating officer overseeing operations, global strategy, corporate development, and data operations/business intelligence.
  • Jolene Marshall was promoted to the chief legal officer after he worked as deputy general counsel for the last four years.
  • Andrew Bennett, currently senior vice president of commercial sales and demand generation, was promoted to chief marketing officer.

Conclusion

The top-notch financial figures for Q3 2022 were the reason behind its exceptional gains on Thursday. Though it posted a loss it beat the revenue estimates. we hope that it will continue its positive performance on Friday as well.

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