Shares in work management platform provider Smartsheet Inc. surged in after-hours trading today after the company smashed analyst predictions in its quarterly earnings report.

For the quarter ended Oct. 31, Smartsheet reported revenue rose 38% over a year ago, to $98.9 million. Its loss before costs such as stock compensation was $15 million, or 12 cents per share. Analysts had been predicting a loss of 22 cents a share on revenue of $94.6 million.

The company was boosted by a 41% year-over-year increase of subscription revenue, to $90.9 million, while its professional services revenue came it at $8 million, up 12%.

During the quarter, Smartsheet saw its number of annualized contract values of more than $5,000 grow to 11,172, up 33% year-over-year. The number of customers with an ACV of more than $50,000 rose 73%, while customers spending $100,000 per year or more grew 81% year-over-year. The average Smartsheet customer on an ACV basis is now spending $4,655, up 42% over the same quarter last year.

“Our third quarter was highlighted by continued strength with large deals, a new high-water mark for our Government business and a successful ENGAGE Conference with nearly 60,000 registrants,” Mark Mader, chief executive officer of Smartsheet, said in a statement. “As enterprises across the globe seek to digitally transform how work is delivered and innovation is achieved, the value of Smartsheet’s platform is becoming increasingly clear.”

Looking forward, Smartsheet estimated revenue of $102 million to $103 million in its fourth fiscal quarter, representing growth of 30% to 31%. Its adjusted operating loss is predicted to be between 13 and 15 cents per share. Analysts had been predicting a 13-cent loss on revenue of $99.6 million.

For its full fiscal year 2021, the company is predicting an adjusted loss of 42 to 44 cents a share on revenue of $378 million to $379 million. Those figures also beat analyst predictions of a 51-cent loss on revenue of $370.8 million.

“Content-centric work is becoming increasingly cross-functional, driving among other things, sales motions, marketing campaigns and many other day-to-day business interactions,” Mader said in Smartsheet’s earnings call. “To be most effective, this work should not be confined in silos, but in many cases technology itself is the cause of these silos. And as marketing and content become more central to overall organizational strategies, connecting them with other functions throughout the enterprise is paramount.”

Investors liked the numbers. On a day the New York Stock Exchange Composite dropped 0.43%, Smartsheet’s shared surged more than 18% in after-hours trading. The share price is an all-time high for Smartsheet.

Image: Smartsheet