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Why Smartsheet Stock Is Getting Crushed Today

TheMotleyFool

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Why Smartsheet Stock Is Getting Crushed TodayPhoto, wide shot, wide-angle lens, Computer hardware manufacturer, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/32e7a10f-efd0-424a-861f-2f3e0bb7ce02.png

Shares of cloud-based technology company Smartsheet (NYSE: SMAR) are getting crushed today, after the company reporting earnings for the first quarter of fiscal 2021. The results actually beat expectations for both the top and bottom lines, but its guidance for the upcoming second quarter wasn't what Wall Street had hoped for.

As of 11:30 a.m. EDT on Thursday, Smartsheet stock was down 22%. With today's loss, the stock sits just marginally higher than where it started 2020.