SMARTSHEET INC [SMAR], a leading provider of collaborative work management solutions, announced its financial results for the quarter ended July 31, 2023. The company reported a net loss of $63.2 million for the six months ended July 31, 2023, compared to a net loss of $132.8 million in the same period last year. Quarterly revenue for the company stood at $235.6 million.
Despite the net loss, Smartsheet Inc witnessed impressive revenue growth during the quarter. The company's revenue increased by 26% compared to the same quarter last year. This growth can be attributed to the continued adoption of Smartsheet's products and services by organizations across various industries. The company's gross profit for the period stood at $188.5 million, reflecting a strong margin of 80%.
Smartsheet Inc's strong revenue growth during the quarter can be attributed to the increased demand for its collaborative work management solutions. The company's subscription revenue, which accounted for a significant portion of its overall revenue, increased by 27% compared to the same quarter last year. Additionally, the company's professional services revenue also witnessed growth, increasing by 7% during the quarter.
In terms of financial stability, Smartsheet Inc's balance sheet remains strong. The company ended the quarter with total assets of $1.16 billion and total liabilities of $623.7 million. The company's cash and cash equivalents increased to $237.3 million, providing it with the necessary liquidity to support its operations and future growth initiatives. Smartsheet Inc also has a strong shareholders' equity of $539 million, indicating a healthy financial position.
The basic and diluted loss per share for the six months ended July 31, 2023, were $0.47. This represents an improvement compared to a loss per share of $1.03 in the same period last year. The improvement in earnings per share can be attributed to the company's focus on cost management and operational efficiency.
Looking ahead, Smartsheet Inc remains optimistic about its future prospects. The company continues to innovate and enhance its collaborative work management platform to meet the evolving needs of its customers. Smartsheet Inc also aims to expand its customer base globally and leverage its existing customer relationships to drive subscription revenue growth. The company believes that its market-leading position and strong financial foundation will enable it to capitalize on the growing demand for collaborative work management solutions.
In conclusion, Smartsheet Inc reported a net loss of $63.2 million for the six months ended July 31, 2023. However, the company's revenue growth and strong financial position indicate its ability to navigate challenges and drive future success. With a focus on innovation and customer-centric solutions, Smartsheet Inc is well-positioned to capture market opportunities and deliver long-term value to its shareholders.