Monday.com jumps after raising 2023 guidance

Israeli work operating system company monday.com is sharply higher on Wall Street after surprising the market and beating analysts’ expectations on profit for the second successive quarter. The company reported non-GAAP earnings per share of $0.14 compared with the analysts’ forecast of a net loss of $0.28 per share.

Monday.com’s share price is currently 10.72% higher at $145.20, giving it a market cap of $7.038 billion.

The strong results have persuaded the company to improve its forecast for 2023. Monday.com sees an operational profit of $8-12 million this year compared with its previous forecast of a $32-36m. loss. The company also raised its 2023 revenue guidance from $688693 million to $702-706 million, up 35-36% from 2022.

monday.com reported $162m. revenue in the first quarter of 2023, up 49.5% from the corresponding quarter of 2022. The company reported non-GAAP net profit of $7.2m. compared with a non-GAAP net loss of $43.2m. in the corresponding quarter of 2022.

Monday.com cofounder and co-CEO Roy Mann said, “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. 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 cofounder and co-CEO Eran Zinman added, “We continued to expand and improve the platform in the quarter with a number of new features and functionalities to support a wider variety of use cases. These additions allow us to grow further upmarket, bringing our enterprise-level base to over 1,600 customers.” (Globes/TNS)