Smartsheet Inc (NYSE:SMAR) shares plunged more than 16% after-hours following the company’s reported Q1 results. While EPS of $0.18 and revenue of $219.9 million (up 31% year-over-year) came in better than the consensus estimates of $0.08 and $214.1M, respectively, management’s revenue outlook disappointed investors.
Subscription revenue grew 33% year-over-year to $206.0M. Professional services revenue came in at $13.9M, representing a 7% year-over-year growth.
“We are seeing strong demand from our enterprise customers, who continue to choose Smartsheet to help them accomplish their mission critical work and solve their toughest problems. Looking ahead, we’re planning to expand the AI-based capabilities in our platform to help our customers unlock new, higher value work,” said CEO Mark Mader.
For the full year, the company expects Q2/24 EPS in the range of $0.07-$0.08, compared to the consensus of $0.07, and revenue in the range of $228-$231M, compared to the consensus of $230.4M.
For the full year, the company expects EPS in the range of $0.37-$0.44, compared to the consensus of $0.35, and revenue in the range of $943-$948M, compared to the consensus of $946M.