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Omar Venerio
Omar Venerio
Articles (1509) 

Wall Street Advances on Thursday

Smartsheet rises on earnings and revenue beat

U.S. stocks were in positive territory on Thursday on news that the Federal Reserve will monitor trade affects on the U.S. economy and decrease the federal funds rate if  necessary. The Dow Jones Industrial Average gained 0.71% to 25,720, the S&P 500 Index rose 0.61% to 2,843 and the Nasdaq Composite Index advanced 0.53% to 7,615.

Shares of Smartsheet Inc. (NYSE:SMAR) climbed more than 10% on Thursday after the company announced first-quarter fiscal 2020 results. Revenue grew 54.7% from the prior-year quarter to $56.19 billion, beating expectations by $1.54 million. A loss of 12 cents per share topped estimates by 6 cents.

The GAAP operating loss was $20.9 million, or 37% of total revenue, compared to a GAAP operating loss of $13 million, or 36% of total revenue, in the prior-year quarter.

Further, the non-GAAP operating loss was $14.1 million, or 25% of total revenue, compared to a non-GAAP operating loss of $11 million, or 30% of total revenue, in the year-ago quarter.

Looking at the cash generation, net operating cash flow was -$9.2 million, compared to $8.2 million in the first quarter of fiscal 2019. Net free cash flow was -$13.1 million, compared to -$9.7 million a year ago.

Looking ahead to the second quarter of fiscal 2020, the company expects total revenue between $63 million and $64 million, representing year-over-year growth of 49% to 51%. It also projects a non-GAAP operating loss in the range of $18 million to $17 million and a non-GAAP net loss per share of 16 cents to 15 cents per share.

Gainers

Losers

Global markets

The main European stock markets were mixed. The U.K.'s FTSE 100 gained 0.55%, France's CAC 40 declined 0.26%, Germany's Dax dipped 0.23% and Spain's IBEX 35 swelled 0.20%.

In Asia, Japan's Nikkei 225 slid 0.01%, India’s BSE Sensex fell 1.38%, Hong Kong's Hang Seng advanced 0.26% and China's Shanghai Composite declined 1.17%.

Disclosure: The author holds no positions in any stocks mentioned.

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About the author:

Omar Venerio
Omar Venerio is a capital markets, derivatives, corporate finance and financial management professor and Area Head of Finance. He is passionate about the stock market and providing independent fundamental research and hedge fund and insider trading-focused investigation.

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