Why Shares of Smartsheet Are Down Today
Shares of Smartsheet (NYSE: SMAR) fell more than 9% on Thursday morning after the maker of cloud-based business software reported a fiscal second-quarter loss that actually came in ahead of what analysts had expected, but warned that the third quarter would be more difficult than analysts had hoped. On what was already shaping up as a difficult day for the sector after Slack Technologies (NYSE: WORK) underwhelmed, investors saw the glass half-empty with Smartsheet.
After markets closed Wednesday, Smartsheet reported a fiscal second-quarter loss of $0.08 per share, well ahead of the $0.16 loss analysts had been expecting. Revenue for the quarter came in at $64.6 million, up 52% year over year and slightly ahead of expectations.
Image source: Getty Images.
Source Fool.com
