Monday.com shares jumped as much as 5% in pre-market trading on Monday after the work operating system provider reported second-quarter 2023 revenue that rose 42% year over year to $175.7 million, surpassing the Zacks consensus analyst forecast of $169.2 million.
Monday.com also saw its adjusted earnings per share (EPS) for the period improve to $0.41 from a loss of $0.31 a year earlier, which also surpassed the $0.14 consensus.
"We saw healthy customer demand in the second quarter, reflecting our commitment to rapid innovation," monday.com co-CEO Roy Mann said in a statement.
"The official release of the first phase of mondayDB marks a significant transformation of our platform, providing customers with faster boards, and future releases will provide even more speed and scalability improvements," he added.
The company also boosted its 2023 full-year revenue guidance, now forecasting sales of $713 million to $717 million, up from the previous range of $688 million to $693 million, and higher than the consensus estimate of $704.7 million.
Contact Sean at sean@proactiveinvestors.com