StocksUS Markets

Monday Shares Surge 5% After Raising Guidance and Exceeding Q2 Estimates

NEW YORK – monday.com Ltd. reported second-quarter results that exceeded analyst expectations and raised its full-year outlook, resulting in a 5.4% increase in shares during premarket trading.

The work management software company announced adjusted earnings per share of $0.94, significantly surpassing the consensus estimate of $0.56. Revenue experienced a robust growth of 34% year-over-year, reaching $236.1 million and beating analyst projections of $229.04 million.

For the first time, monday.com achieved GAAP operating profitability, reporting operating income of $1.8 million compared to a loss of $12.2 million in the same quarter last year. Non-GAAP operating income nearly doubled to $38.4 million.

"Q2 marks three years since our debut on the Nasdaq, and we’re more excited than ever about the opportunities we see ahead," stated co-CEOs Roy Mann and Eran Zinman. They emphasized the company’s success in more than tripling its largest seat count as part of its focus on expanding into higher market segments.

Looking ahead, monday.com increased its full-year 2024 revenue guidance to a range of $956-961 million, exceeding the consensus estimate of $947.9 million. For the third quarter, the company anticipates revenue between $243-247 million, which is also above analyst expectations.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker