monday.com shares rose by double digits in pre-market trading on Monday after the work management platform's earnings and revenue beat expectations.
For the first quarter, monday.com reported adjusted earnings per share of $0.14,beating Wall Street’s expectation of a loss per share of $0.28.
Revenue was $162.3 million, above estimates of $155.33 million.
Also buoying the company’s share price was higher-than-forecast revenue guidance for the second quarter and full-year 2023.
For the second quarter, the company forecast revenue between $168 million and $170 million, representing year-over-year growth of 36% to 37%, non-GAAP operating income of $2 million to $4 million, and an operating margin of 1% to 2%.
For full-year 2023, it projected revenue of $702 million to $706 million, representing annual growth of 35% to 36%, non-GAAP operating income of $8 million to $12 million, and an operating margin of approximately 1%.
Analysts, on average, had been expecting 2Q and full-year 2023 revenue guidance of $165.3 million and $690.7 million respectively, according to Investing.com.
"The monday.com team is off to a strong start in 2023, with our results reflecting increasing customer demand for our Work OS platform and product suite, as well as our ongoing commitment to improving efficiency and profitability," said monday.com co-CEO, Roy Mann in a statement.
"As we begin to roll out mondayDB and introduce transformative AI capabilities, we are highly confident in our ability to continue this momentum through the rest of 2023 and beyond."
monday.com shares were up 17.1% at US$153.50 before the opening bell in New York.
Contact the author at emily.jarvie@proactiveinvestors.com
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