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Smartsheet (NYSE:SMAR) shares jumped more than 11% on Friday after the enterprise software company reported second-quarter results and issued guidance that showed signs of stabilization.
For the period ending July 31, the Bellevue, Washington-based company earned an adjusted 16 cents per share as revenue rose 26.2% year-over-year to $235.59M. Calculated billings grew 18% year-over-year to $243.1M, while the company ended the period with a 36% increase in customers who spend $100,000 or more, at 1,665.
CEO Mark Mader said the company’s scalability is helping to drive strong demand. “We remain focused on delivering innovation around generative AI and other areas to help our customers achieve more and to extend our leadership position in the enterprise work management market,” Mader said in a statement.
In addition, Smartsheet raised its guidance for fiscal 2024 for the second-time, as it now expects full-year sales to be between $950M and $953M, a growth rate of 24% over the prior year’s figures. It also expects to earn between 53 and 57 cents per share on an adjusted basis, while free cash flow is expected to total $120M.
The company also issued guidance for the third-quarter, forecasting sales between $240M and $242M, with adjusted earnings between 8 and 9 cents per share.
Other workplace collaboration companies were mixed in early trading on Friday, as Asana (ASAN) saw modest gains while Atlassian (TEAM) slipped less than 1%.
