Smartsheet CEO Mark Mader. (GeekWire File Photo / Nat Levy)

Smartsheet beat expectations for its fiscal second quarter, reporting revenue of $91.2 million, up 41%, and a non-GAAP net loss of $0.06 per share. Analysts expected revenue of $87 million and a net loss of $0.16.

Despite the better-than-expected results, Smartsheet stock was down more than 5% in after-hours. The company’s net loss guidance for the third quarter was higher than analyst estimates.

“These results are a reflection of the stabilization we are seeing in the marketplace,” Smartsheet CEO Mark Mader said in a statement. “We’re confident in the value of our offerings, the investments we’re making in our future, and our growing opportunity to help enterprises adapt to a reality that demands rapid transformation.”

Smartsheet’s subscription revenue was up 43% to $83.6 million. It nearly doubled the amount of customers (433) with annualized contract values of $100,000 or more.

Smartsheet said last week that it will acquire Brandfolder, a Denver, Colo.-based startup that sells digital asset management software. Smartsheet said the deal will help bolster its collaborative work management platform.

Shares of Smartsheet have nearly doubled in price since March.

Smartsheet rival Asana filed to go public last week. Tomasz Tunguz, a venture capitalist at Redpoint, compared Asana’s current metrics to Smartsheet when it went public two years ago. He noted that Asana “should fetch a premium for faster growth, better gross margins, and superior sales efficiency.”

Smartsheet employs more than 1,600 people across five cities worldwide. Its market capitalization is north of $7 billion.

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