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Why Smartsheet Stock Dropped Like a Rock Today

TheMotleyFool 
0 0 08.06.23
Why Smartsheet Stock Dropped Like a Rock TodayPhoto, wide shot, wide-angle lens, Software company, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Sebastião Salgado: https://img.theapi.app/temp/70b5df15-67cc-4a1b-af41-3596614daf77.png
 

Shares of work management software company  (NYSE: SMAR) dropped on Thursday after the company provided its latest quarterly financial report. As of 10:50 a.m. ET, Smartsheet stock was down a whopping 21%.

After the market closed yesterday, Smartsheet reported results for its fiscal first quarter of 2024 and the market's negative reaction is admittedly confusing on the surface. The company grew revenue 31% year over year to almost $220 million, ahead of expectations. And while Wall Street had expected it to earn an adjusted profit, its adjusted diluted earnings per share (EPS) of $0.18 were a whole dime above what analysts thought it would report.

It's possible that the market is reacting to Smartsheet's guidance. Consider that the company's Q1 revenue of $220 million was $5 million more than the high end of management's previous guidance. However, management only maintained its full-year revenue guidance instead of raising it by at least $5 million. 

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Source Fool.com

Smartsheet Inc. Stock

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