U.S. stock markets were mixed on Wednesday morning, with the Dow reversing its three-day decline.
Shares of Smartsheet Inc. (SMAR, Financial) fell after the company posted a second-quarter loss of 8 cents per share on $42.38 million in revenue on Tuesday, reflecting a 58.9% year-over-over growth. It beat earnings estimates by 5 cents and revenue expectations by $3.15 million.
Moreover, subscription revenue grew 57% to $37.5 million. Professional services revenue increased 71% to $4.9 million.Â
Looking ahead to the third quarter, the company guided for total revenue between $43.5 million and $44.5 million, representing a year-over-year growth of 48% to 51%. It also expects a non-GAAP net loss of 16 cents to 15 cents per share. For full fiscal 2019, the company projects total revenue between $167 million and $169 million, representing year-over-year growth of 50% to 52%, and a non-GAAP net loss of 56 cents to 52 cents per share.
Gainers
- Advanced Micro Devices Inc. (AMD, Financial)
- Newell Brands Inc. (NWL, Financial)
- Goodyear Tire & Rubber Co. (GT, Financial)
- Harley-Davidson Inc. (HOG, Financial)
- Dentsply Sirona Inc. (XRAY, Financial)
Losers
- Robert Half International Inc. (RHI, Financial)
- Halliburton Co. (HAL, Financial)
- Align Technology Inc. (ALGN, Financial)
- Micron Technology Inc. (MU, Financial)
Global markets
The main European stock markets traded in red. The U.K.'s FTSE 100 lost 1%, France's CAC 40 fell 1.54%, Germany's Dax slid 1.39% and Spain's Ibex 35 declined 0.80%.
In Asia, Japan's Nikkei 225 slid 0.51%, India’s BSE Sensex fell 0.37%, Hong Kong's Hang Seng lost 2.61% and China's Shanghai Composite swelled 1.68%.
Disclosure: The author holds no positions in any stocks mentioned.
