Shares ofSmartsheet Inc. (NYSE:SMAR) rose sharply in today's pre-market trading after the company reported better-than-expected first-quarter financial results and announced an inaugural $150 million share repurchase program.

Smartsheet reported quarterly earnings of 32 cents per share which beat the analyst consensus estimate of 27 cents per share. The company reported quarterly sales of $263.00 million which beat the analyst consensus estimate of $258.28 million, according to data from Benzinga Pro.

The company also announced that its board authorized the repurchase of up to $150 million of its common stock.

Smartsheet shares jumped 13.1% to $42.71in the pre-market trading session.

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