With a strong report for the third quarter of fiscal 2021, cloud provider Smartsheet Inc. (SMAR) got a strong positive boost this week.
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For Smartsheet, the last quarter ended October 31, 2020 was a successful one. The business has made a number of major deals and attracted fresh government clients. The company itself made a transition to the cloud during the quarter, abandoning the old data centers. This resulted in a slight drop in the gross margin, which is expected to recover in the fourth quarter.
Smartsheet’s revenue grew by 38 percent year on year at the end of the third quarter, to $98.9 million. At $5.2 million, operating cash flow was negative. Revenue from subscriptions increased 41 percent year-on-year to $90.9 million, while revenue from professional services increased 12 percent to $8 million. Compared to a loss of $28.9 million a year earlier, the GAAP net loss was $32 million. GAAP loss was $0.26 per share.
Smartsheet, among other things, is a provider of remote work management tools. Market players have faced the complex nature of the labor market transformation towards remote employment. Not all individuals can function remotely for long periods of time. The role of technologies for sustainable management of distributed teams will therefore increase. This trend can benefit Smartsheet, as it is a provider of solutions to optimize the relationship between the departments of the organization and remote employees.
To increase value for consumers, the company has been actively rolling out new product offerings. In addition, efforts by Smartsheet to penetrate new markets and expand existing product capabilities continue to be accelerated. The company has reported in September that its Smartsheet Gov has obtained Provisional Authorization (PA) at Impact Level (IL) 4 from the Defense Information Systems Agency (DISA).
Smartsheet Inc. (SMAR) was up 1.23% to $73.40 at close of the trading on Thursday.