Israeli business operating systems company monday.com (Nasdaq: MNDY) rose sharply on Wall Street after raising its annual forecasts for both revenue and profits and reporting strong results for the first quarter of 2024.
The company reported first-quarter revenue of $217 million, up 37% from the corresponding quarter in 2023. GAAP net loss was $7.1 million, and non-GAAP net profit was $31.7 million This compares to $7.2 million in the corresponding quarter of 2023. The stock price was $0.61, well above the analyst consensus of $0.40. monday.com had free cash flow of $89.9 million and $1.2 billion in cash in its vaults at the end of the first quarter.
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monday.com jumps on strong third-quarter results
Looking ahead, the company expects Q2 revenue to be between $226 million and $230 million, reflecting growth of 29-31% from Q2 2023 – slightly lower growth than in Q1. monday.com sees non-GAAP operating earnings of $17-21 million in the second quarter and free cash flow of $47-51 million.
For full-year 2024, the company expects revenue of $942-948 million, up 29-30% from 2023, and up from previous guidance of $926-932 million. monday.com expects non-GAAP operating profit of $77-83 million, up from previous forecast of $58-64 million, and free cash flow of $238-244 million, compared to expectations The previous of US$200-206 million.
“Our first-quarter results represent an exceptional start to the year, with strong demand for our products across the market,” said monday.com co-founders and co-CEOs Roy Mann and Eran Zinman. “We are particularly pleased with Monday’s rapid growth.” Sales CRM and monday dev, both of which are now accessible to all customers and saw accelerated account additions in the quarter. As we continue to evolve the WorkOS platform, we remain focused on delivering growth at scale while driving meaningful business value for our customers.
monday.com CFO Eliran Glazer added, “The first quarter represents another great step forward for monday.com, with strong growth in revenue and profitability, as well as record free cash flow. These results support the recent adjustments made to our model Our pricing, which has therefore far exceeded our initial expectations as a result of our strong first quarter performance, and we remain very confident in delivering the 'base case' guidance outlined at our 2023 Investor Day.
monday.com's stock price is currently up 20.9% on Wall Street at $219.87, giving it a market cap of $10.917 billion.
Published by Globes, Israel Business News – en.globes.co.il – on May 15, 2024.
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