This post was originally published on this site
Investing.com — Smartsheet (NYSE:SMAR) shares are down 10% in extended trading after the company reported its fourth-quarter earnings.
The software as a service company reported an adjusted loss per share of 12 cents on revenue of $157.4 million, which rose 43% year over year. Analysts polled by Investing.com expected a loss per share of 14 cents on revenue of $151.64 million.
Subscription revenue was $145.7 million, an increase of 44% year over year, while fourth-quarter calculated billings grew 48% year over year to $224.3 million.
Full-year total revenue was $550.8 million, an increase of 43% year over year. Subscription revenue was $507.4 million, an increase of 44% year over year. The company’s adjusted loss per share for the year came in at 28 cents, compared to 33 cents in fiscal 2021.
“Our results this quarter cap off an incredible fiscal year at Smartsheet,” said Mark Mader, President and CEO of Smartsheet. “We once again set new quarterly records for large deals and accelerated annual billings growth. Our momentum has never been stronger.”
Despite the positivity, Smartsheet shares fell following the report with guidance disappointing.
For the first quarter of fiscal 2023, the company expects total revenue of $162 million to $163 million, representing year-over-year growth of 38% to 39%. As a result, Smartsheet sees its first quarter loss per share between 20 cents and 18 cents.
Full-year fiscal year 2023 revenue is expected to be from $750 million to $755 million, representing year-over-year growth of 36% to 37%, with an adjusted loss per share of between 70 cents to 62 cents for the year.
