Smartsheet Shares Are Sliding After Hours: What's Going On?

Smartsheet Inc SMAR shares are falling in extended trading Wednesday on the heels of the cloud based work management platform company's first-quarter results.

• Q1 Revenue: $219.89 million beat estimates of $214.07 million
• Q1 Adjusted EPS: 18 cents beat estimates of 8 cents

Revenues grew 31% year-over-year. Operating cash flow came in at $34.6 million and free cash flow totaled $31.3 million. The company ended the quarter with $489.5 million in cash, equivalents and short-term investments.

"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," said Mark Mader, president and CEO of Smartsheet.

"Looking ahead, we're planning to expand the AI-based capabilities in our platform to help our customers unlock new, higher value work."

Outlook: Smartsheet expects second-quarter revenue to be between $228 million and $231 million versus estimates of $230.09 million. The company sees second-quarter adjusted earnings of 7 cents to 8 cents per share versus estimates of 7 cents per share.

Smartsheet anticipates full-year revenue of $943 million to $948 million versus estimates of $945.92 million. The company raised full-year adjusted earnings to a range of 37 cents to 44 cents per share versus estimates of 35 cents per share. 

See Also: Why HashiCorp Stock Is Tumbling After Hours

SMAR Price Action: Smartsheet shares were down 12.2% after hours at $43 at time of publication, according to Benzinga Pro.

Photo: courtesy of Smartsheet.