ASAN - Monday.com surges 11% after strong Q1 leads enterprise software stocks

2023-05-15 09:46:59 ET

Shares of Israeli-based monday.com ( NASDAQ: MNDY ) surged more than 11% on Monday after the project management software company reported first-quarter results that topped expectations and boosted its outlook for the rest of the fiscal year.

For the period ending March 31, monday.com ( MNDY ) earned an adjusted 15 cents per share as revenue rose 49.6% year-over-year to $162.3M. Analysts were expecting an adjusted loss of 29 cents per share and $155.29M in sales.

The company added that its adjusted operating margin during the period was 0%, compared to negative 40% in the year-ago period.

Looking to the second-quarter, monday.com ( MNDY ) expects sales to be between $168M and $170M, compared to the $165.28M that analysts were anticipating.

For the full-year, monday.com ( MNDY ) now expects sales to be between $702M and $706M, up between 35% and 36% year-over-year.

On back of the monday.com ( MNDY ) surge, shares of other enterprise software stocks rose in early trading, including Salesforce ( CRM ), Asana ( ASAN ) and Atlassian ( TEAM ).

More on monday.com and enterprise software

• 4 stocks to watch on Monday: monday.com, C3.ai and more
• Goldman taps its favorite stocks for bullish clients
• Appfire and monday.com team up to expand monday.com app marketplace

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