Why Smartsheet Stock Surged Today
Shares of Smartsheet (NYSE: SMAR) popped 18% on Wednesday after the work-management platform delivered impressive sales growth and a surprise profit.
Smartsheet's revenue grew 35% year over year to $212.3 million in its fiscal 2023 fourth quarter, which ended on Jan. 31. The software provider saw solid growth across its customer segments. The number of its clients with annualized contract values of $5,000, $50,000, and $100,000 increased by 19%, 36%, and 45%, respectively.
Smartsheet also expanded its relationships with its existing clients. The company's dollar-based net-retention rate was a sterling 125%.
Source Fool.com
