Monday.com on Wednesday reported first-quarter earnings and revenue that topped estimates. The software maker's revenue guidance for Monday.com stock edged by views.
Monday.com reported earnings before the market open. For the quarter ending March 31, the maker of project management software reported a profit of 61 cents a share on an adjusted basis, up 335% from a year earlier. Revenue rose 34% to $26.9 million.
Analysts had predicted adjusted profit of 40 cents on revenue of $210.5 million. A year earlier, Monday.com earned 14 cents on revenue of $162.3 million.
"Results from price increases exceeded internal projections, and management is pleased with initial churn (customer turnover) data, noting gross retention reached an all-time high in Q1," said TD Cowen analyst Derrick Wood in a report.
MNDY Stock: Asana, Smartsheet Rivals
For the current quarter ending in June, Monday.com predicted revenue of $228 million vs. estimates of $225.2 million.
On the stock market today, MNDY stock popped more than 18.6% to 215.70 in morning trading. Heading into the earnings report, Monday.com stock had retreated 3% in 2024.
Monday.com stock holds a Relative Strength Rating of 42 out of a best-possible 99, according to IBD Stock Checkup.
Monday.com competes with Asana, Smartsheet and Atlassian, among others.
Founded in 2012, Monday.com raised $574 million in its June 2021 initial public offering, with MNDY stock priced at 155.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
