Smartsheet shares drop 5% on earnings miss

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Smartsheet Inc. shares were down 5% in after-hours trading Wednesday after the cloud-computing company reported fiscal second-quarter earnings that fell short of Wall Street estimates despite a significant jump in revenue. Smartsheet reported a loss of $26.6 million, or 22 cents a share, compared with a loss of $19.1 million, or 17 cents a share, in the year-ago quarter. Revenue jumped 41% to $91.2 million from $64.6 million a year ago. Analysts surveyed by Zacks Investment had expected a loss of 16 cents a share on revenue of $86.6 million. Smartsheet shares have increased 33% this year. The broader S&P 500 index has grown 11% in 2020.
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