Several Eastside tech companies have grown considerably on the New York Stock Exchange in recent months (Photo courtesy of Wikimedia Commons)

Several Eastside tech companies have grown considerably on the New York Stock Exchange in recent months (Photo courtesy of Wikimedia Commons)

Stocks stay strong for Smartsheet, Microsoft, T-Mobile

Fortune 500 functionality, Hololens technology, 5G network contribute to growth

Like the stock market, technology companies on the Eastside have grown considerably in the past 10 years, benefitting from a bull market and a rapidly growing need for cloud services, business applications and more. Here are a few companies from Bellevue that have seen excellent growth in recent months.

Smartsheet

Since its debut on the New York Stock Exchange (NYSE) last year, Smartsheet has grown considerably. The cloud-based business management platform raised over $150 million from its IPO on April 27, 2018, closing the day at $19.55. The stock rose and fell over the next few months, reaching a high of $32.21 in May, before industry wide selloffs in October 2018 put a damper on the current bull market.

However, after acquiring the work-collaboration application Slope on Jan 15, Smartsheet stock began to rise. Since Jan. 15, the stock price has jumped from $26.54 to $38.60 at market close on Feb. 26. The company is now valued at $4 billion ahead of its Q4 earnings report, releasing this month. Compared to other software as a service (SaaS) companies like Asana, Smartsheet leads the market in both valuation and reach, as Smartsheet is used by more than 70 percent of Fortune 500 companies to manage their workload.

Analysts at Zacks (a leading investment research firm) expect the company to report $49.6 million in revenue for the current quarter, nearly $3 million more than the company earned in Q3. Smartsheet will release their Q4 earnings report and Annual Fiscal Report on March 19, 2019.

Microsoft

For months, Microsoft has been the most highly valued tech company on the market, with a market cap at $861 billion and a stock price of $112.17 at market close on Feb. 27. The Satya Nadella era of Microsoft has seen strong growth, most recently reflected in Microsoft’s Q2 earnings report, released on Jan. 30. Revenue was $32.5 billion for the quarter, buoyed by a 20 percent increase in earnings from Microsoft’s Intelligent Cloud service, Azure. Services like Office 365 and LinkedIn contributed to their business processes revenue, as did Microsoft’s Xbox and Surface product lines.

Good financials, products and contracts have helped stabilize and grow Microsoft’s stock after October’s dips in the stock market. Microsoft recently announced Hololens 2, an improved version of their mixed reality headset for use in the workplace. While a large consumer market for the technology does not exist, Hololens technology has caught the eye of companies in the private sector looking for a new way to manage workflow. Microsoft inked a $480 million deal with the United States Army in November to produce more than 100,000 headsets for use in training and combat missions.

Microsoft is also in the running to develop a cloud platform for the Department of Defense called Joint Enterprise Defense Infrastructure (JEDI). The $10 billion contract is being fought over by both Microsoft and Amazon to build cloud infrastructure for the Department of Defense.

T-Mobile

T-Mobile is in a period of sweeping corporate changes and new services for its consumers — and its stock has been climbing for more than a month. The communication giant’s stock sits at $72.12, with a market cap at $61.32 billion — roughly a quarter of rivals Verizon and AT&T’s stock valuation. For the past two months, however, the company’s valuation has soared, up more than 18 percent from 60.8 on Dec. 24, 2018.

T-Mobile reported strong earnings on Feb. 7, with total revenue of $11.4 billion for the quarter, and gained 2.4 million net customers in Q4, making it the fastest growing telecom in the industry. The company’s recent acquisition of a 600 MHz network to launch their upcoming 5G network is a point of interest for many investors. The $8 billion acquisition has let T-Mobile develop 5G capability in more than 30 cities at the time of writing, with plans to cover the entire country for a nationwide launch in early 2020.

The planned merger between T-Mobile and Sprint is also a point of interest for many investors. Last April, the two telecom companies announced their plans to merge into a new company, known simply as T-Mobile. The merger has yet to gain regulatory approval, but is expected by T-Mobile CEO John Legere to be approved in the first half of 2019, creating a larger company able to capture a larger portion of the market.


In consideration of how we voice our opinions in the modern world, we’ve closed comments on our websites. We value the opinions of our readers and we encourage you to keep the conversation going.

Please feel free to share your story tips by emailing editor@redmond-reporter.com.

To share your opinion for publication, submit a letter through our website https://www.redmond-reporter.com/submit-letter/. Include your name, address and daytime phone number. (We’ll only publish your name and hometown.) We reserve the right to edit letters, but if you keep yours to 300 words or less, we won’t ask you to shorten it.

More in Business

Face masks save lives and jobs across Washington

Wearing a mask saves lives and saves jobs. And all across the… Continue reading

BMW X3 xDrive 30e. Courtesy photo
BMW X3 xDrive 30e | Car review

With forces like BMW pushing, it’s only a matter of time before… Continue reading

2020 Dodge Charger Hellcat SRT. Courtesy photo
2020 Dodge Charger Hellcat SRT | Car review

OK folks, buckle your seatbelts. This week’s tester is the 2020 Dodge… Continue reading

A new measure from the King County Council could increase flexibility for businesses in rural areas of King County. File photo
County measure would increase flexibility for businesses in rural areas

Staff report Legislation the King County Council passed June 23 could lead… Continue reading

Snoqualmie Casino is located at 37500 SE North Bend Way, Snoqualmie. Courtesy photo
Snoqualmie Casino reopens June 11 with social distancing, other safety measures

Staff report Snoqualmie Casino will reopen to the general public at 6… Continue reading

Like similar businesses across King, Snohomish and Pierce counties, Bothell restaurant Hana Sushi closed due to public-health concerns. Sound Publishing file photo
Inslee changes course, says diners won’t have to sign in

Restaurants may still ask customers for information that contact tracers could use to stop an outbreak.

Businesses, nonprofits asked to participate in COVID-19 impact survey

Regional effort in King, Snohomish and Pierce counties

From the frontlines: Tips for recycling right in Redmond

A monthly column by Waste Management.

Construction worker installs siding to a building in Snoqualmie. File photo
Inslee gives construction a green light

It was unclear when sites would re-open, but employees will have to have PPE and stay six feet apart.

Report shows severity of COVID-19 impacts on hotels nationwide

70% of employees laid off or furloughed, eight in 10 hotel rooms empty