Smartsheet shares rise 3% on better-than-expected revenue, earnings

Shares of Smartsheet Inc. were initially up 3% in extended trading Wednesday after the cloud-computing company reported fiscal first-quarter results. Smartsheet reported a net loss of $37.1 million, or 30 cents a share, compared with a net loss of $27.8 million, or 23 cents a share, in the year-ago quarter. The company's adjusted net loss was $10.7 million, or 9 cents a share. Revenue soared 37% to $117.1 million from $85.5 million a year ago. Analysts surveyed by FactSet had expected a net loss of 14 cents a share on revenue of $111.8 million. Smartsheet shares are down 13% so far in 2021. The broader S&P 500 index has improved 12% this year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.