04:44 AM EDT, 06/06/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Smartsheet's ( SMAR ) shares rose over 12% in premarket activity Thursday after the company reported overnight an almost doubling of its Q1 earnings as sales soared more than forecast.

The company reported Q1 non-GAAP earnings of $0.32 per diluted share, up from $0.18 a year earlier.

Analysts polled by Capital IQ expected $0.27.

Revenue for the quarter ended April 30 was $263 million, up from $219.9 million a year earlier.

Analysts expected $258.2 million.

For Q2, the company is projecting non-GAAP EPS of $0.28 to $0.29 on revenue of $273 million to $275 million. Analysts are looking for $0.25 per share and $273.8 million, respectively.

For its fiscal 2025, Smartsheet ( SMAR ) is projecting non-GAAP EPS of $1.22 to $1.29 on revenue of $1.116 billion to $1.121 billion. Analysts are looking for $1.11 and $1.12 billion, respectively.

Price: 42.40, Change: +4.62, Percent Change: +12.23