Smartsheet revenue rises 44% to $131.7M CEO touts work management software program for hybrid earth

Smartsheet defeat anticipations for its fiscal next quarter, reporting earnings of $131.7 million, up 44% calendar year-above-year, and a non-GAAP decline of $5.2 million, down from $7.4 million.

The company’s annual recurring income topped $500 million for the very first time as it rides tailwinds from the acceleration of software program adoption amid the pandemic.

“Across the globe, buyers pick Smartsheet to deal with systems at scale, automate workflows throughout units, and promptly configure no code solutions,” Smartsheet CEO Mark Mader mentioned in a statement. “Looking in advance, we’re fully commited to proceed innovating with our clients to build new, far more strong means of doing work in a hybrid environment.”

Customers with annualized contract values of $50,000 or more improved to 1,856, up 34% yr-over-yr all those with ACV of extra than $100,000 grew to 748, up 73%.

Bellevue, Clean.-primarily based Smartsheet, which sells collaboration work management application, observed shares drop 3% in following-hours trading Tuesday. The inventory is up more than 70% in the past year, investing Tuesday all-around $82/share. The company’s current market capitalization is $10.3 billion. Smartsheet competes with Asana, Monday.com, Wrike, Microsoft, and other people.

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