Smartsheet beats Q2 expectations, reports $131.7 million revenue

Revenue in Q2 rose 44%, yielding a net loss of 5 cents a share.

Collaborative work management software company Smartsheet reported fiscal revenue and profit for Q2 that came in above analysts' expectations and an outlook for this quarter's higher revenue. 

Revenue in Q2 rose 44%, year over year, to $131.7 million, yielding a net loss of 5 cents a share.

The report sent Smartsheet shares down slightly in late trading. 

Subscription revenue was up to $121.1 million, an increase of 45% year over year, while professional services revenue was $10.6 million, an increase of 40% year over year.

Smartsheet CEO Mark Mader said the quarter's results "reflect the continued rapid adoption of our platform in new deals and expansion within existing customers." 

"Across the globe, customers choose Smartsheet to manage programs at scale, automate workflows across systems, and rapidly configure no-code solutions. Looking ahead, we're committed to continually innovating with our customers to create new, more powerful ways of working in a hybrid world," Mader said. 

Analysts had been expecting $125.38 million in revenue and a loss of $.13 per share.

Smartsheet also reported that the number of customers with annualized contract values ("ACV") of $5,000 or more grew to 13,420, an increase of 34% year over year. The number of customers with ACV of $50,000 or more grew to 1,856, an increase of 64% year over year.

The number of customers with ACV of $100,000 or more grew to 748, an increase of 73% year over year. Average ACV per domain-based customer increased to $5,915, an growth of 42% year over year. The dollar-based net retention rate was 128%

For the current quarter, the company predicted revenue of $138 million to $139 million and net loss per share in a range of $0.12 to $0.10. 

For the full year, the company sees revenue in a range of $530 million to $533 million and a net loss of $0.44 to $0.36. In the last quarter, the company expected revenue from $500 million to $505 million this year.