TEAM - Why did monday.com stock jump up today? Strong Q1 guidance buoy optimism

2023-05-15 16:12:21 ET

Project management software company monday.com ( NASDAQ: MNDY ) surged more than 16% on Monday, bringing its year-to-date gain to 28% , after the Tel Aviv, Israeli-based organization 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.

Founded by Roy Mann, monday.com ( MNDY ) also broke even on an adjusted operating margin basis, compared to negative 40% in the year-ago period.

The company's second-quarter guidance also topped expectations, as monday.com ( MNDY ) expects second-quarter sales to be between $168M and $170M, compared to the consensus estimate of $165.28M.

Led by co-CEOs Mann and Eran Zinman, monday.com ( MNDY ) now expects full-year sales to be between $702M and $706M, up between 35% and 36% year-over-year.

In a statement, monday.com's ( MNDY ) CFO Eliran Glazer said the company expects to be profitable on an adjusted basis in fiscal 2023, two years ahead of previous expectations.

More on monday.com and enterprise software

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