Smartsheet exceeded expectations for the second fiscal quarter, reporting revenue of $ 131.7 million, up 44% year over year, and non-GAAP loss of $ 5.2 million compared to 7.4 million U.S. dollar.
The company’s annual recurring revenue topped $ 500 million for the first time as it rides tailwind from accelerating software adoption amid the pandemic.
“Customers around the world are choosing Smartsheet to manage programs at scale, automate workflows across systems, and quickly fail to configure code solutions,” said Mark Mader, CEO of Smartsheet. “With a view to the future, we strive to develop innovations together with our customers in order to create new, more efficient ways of working in a hybrid world.”
Customers with annualized contract value of $ 50,000 or more rose to 1,856, up 34% year over year; those with an ACV greater than $ 100,000 rose to 748, up 73%.
Smartsheet, based in Bellevue, Wash., Which sells work management software for collaboration, posted a 3% decline in after-hours trading on Tuesday. The stock is up more than 70% over the past year and is trading at $ 82 / share on Tuesday. The company’s market capitalization is $ 10.3 billion. Smartsheet competes with Asana, Monday.com, Wrike, Microsoft, and others.