Smartsheet (NYSE:SMAR) shares plummeted more than 20% intra-day today after the company reported its Q1 earnings results, highlighted by weaker-than-expected billings. EPS of $0.18 was better than the Street estimate of $0.08. Revenue came in at $219.9 million, beating the Street estimate of $214.1 million.
Billings growth decelerated eight points for the third consecutive quarter to 20% year-over-year (and missed consensus for the first time since going public) and Q2 guidance assumes this trend continues to 12% growth.
For Q2/24, management anticipates EPS to be in the range of $0.07-$0.08, compared to the Street estimate of $0.07, and revenue in the range of $228-$231 million, compared to the Street estimate of $230.4 million.
Full-year EPS is expected in the range of $0.37-$0.44, compared to the Street’s $0.35, and revenue in the range of $943-$948 million, compared to the Street’s $946 million.