Smartsheet Inc. shares fell in the extended session Tuesday after the cloud-based work-management platform forecast a wider loss for the current quarter than what Wall Street had expected.
Smartsheet SMAR, +3.68% shares fell 7% after hours, following a 3.7% rise in the regular session to close at $48.50.
The company forecast an adjusted loss of 21 cents to 19 cents a share on revenue of $180 million to $181 million for the second quarter, while analysts expect a loss of 17 cents a share on revenue of $179.3 million.
Smartsheet also raised its forecast for the year to an adjusted loss between 67 cents and 59 cents a share on revenue of $756 million to $761 million. Last quarter, the company had forecast a loss of 70 cents to 62 cents a share on revenue of $750 million to $755 million for the year, prompting analysts estimate a loss of 66 cents a share on revenue of $752.6 million for the year.
Smartsheet also forecast billings for the year of $910 million to $925 million, while analysts expect $917.1 million. Last quarter, the company forecast billings of $905 million to $925 million.
Smartsheet reported a first-quarter loss of $70.5 million, or 55 cents a share, compared with $37.1 million, or 30 cents a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 18 cents a share, compared with a loss of 9 cents a share in the year-ago period.
Revenue rose to $168.3 million from $117.1 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 19 cents a share on revenue of $162.5 million, based on the company’s forecast of an adjusted loss of 20 cents to 18 cents a share on revenue of $162 million to $163 million last quarter.
“We continue to see significant expansion, especially in the enterprise tier, as customers experience the powerful impact our platform has across their organizations,” said Mark Mader, Smartsheet chief executive, in a statement.