TU IS
project management software company monday.com (Nasdaq: MNDY) rose more than 16% Monday, bringing the year to date Gain 28%after Tel Aviv, the Israel-based organization reported first-quarter results that beat expectations and boosted its outlook for the rest of the fiscal year.
for the period ended March 31 monday.com (MNDY) earned 15 cents adjusted per share as revenue rose 49.6% year-over-year to $162.3 million. Analysts had expected an adjusted loss of 29 cents per share and $155.29 million in sales.
Founded by Roy Mann, monday.com (MNDY) also broke out on an adjusted operating margin basis, compared to negative 40% in the year-ago period.
The company’s guidance for the second quarter also beat expectations, with monday.com (MNDY) forecasting second-quarter sales of between $168 million and $170 million, compared to a consensus estimate of $165.28 million.
Led by co-CEOs Mann and Iran Zinman, monday.com (MNDY) now expects full-year sales to be between $702 million and $706 million, up between 35% and 36% year-over-year.
In a statement, monday.com (MNDY) Chief Financial Officer Eliran Glazer said the company expects to be profitable on an adjusted basis in fiscal 2023, two years earlier than previously forecast.