Smartsheet Shares Surge 10% Following Strong Q2 Results
<p><a href='https://financialmodelingprep.com/financial-summary/SMAR'>Smartsheet Inc. (NYSE:SMAR)</a> shares rose around 10% on Friday following the company’s reported Q2 results, with revenue coming in at $186.7 million (up 42% year-over-year), beating the Street estimate of $180.3 million. Non-GAAP EPS was ($0.10), compared to the Street estimate of ($0.20).</p>
<p>Subscription revenue grew 43% year-over-year to $173.5 million. Professional services revenue was $13.2 million, representing a 24% year-over-year growth. Despite strong quarterly results, the company guided 2023 billings down due to macro headwinds showing up in late July–August. </p>
<p>While billings guidance was disappointing, analysts at RBC Capital noted that they appreciate management’s quantification of the headwinds and continued commitment to cost rationalization (raised 2023 operating margins despite lowered topline guide). The analysts remain on the sidelines given near-term sensitivity to macro and their long-term concerns about TAM/competition.</p>

NYSE:SMAR