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Smartsheet stock rallies 10% following surprise earnings, new board chair

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Smartsheet Inc. shares surged in the extended session Tuesday after the cloud-based work-management platform reported surprise net income.

Smartsheet Inc. shares surged in the extended session Tuesday after the cloud-based work-management platform reported surprise net income and forecast a “conservative” outlook that was just shy of Wall Street estimates.

Smartsheet SMAR shares rallied 10% after hours, following a 3.6% decline in the regular session to close at $38.32. The company forecast adjusted net income of 8 cents to 9 cents a share on revenue of $213 million to $215 million for the fiscal first quarter, while analysts expect a loss of 5 cents a share on revenue of $217.1 million.

Smartsheet also forecast billings growth of 20% for the year, or $1.07 billion, while analysts expect $1.1 billion.

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