Monday.com reported first-quarter results Monday that surged past analyst estimates. MNDY stock soared as the software maker also further outlined its roadmap for building artificial intelligence apps into its platform.
Monday.com reported earnings before the market open. The maker of project management software reported a profit of 14 cents a share vs. a 96-cent loss a year earlier. Revenue rose 50% to $162.3 million. Analysts had predicted a 28-cent loss on 44% revenue growth.
Billings, a sales growth metric, rose 43% to $193.3 million, topping estimates of $176 million.
"Calculated billings in the quarter grew 43%, about 14 points above consensus growth expectations, driven by solid net-new customer acquisition and 'very strong demand' in the field, in addition to some benefit from better annual billings duration," JPMorgan analyst Pinjalim Bora said in a note to clients.
Monday.com also raised its full-year revenue outlook to a range of $702 million to $706 million from $688 million to $693 million.
MNDY Stock Pops Amid Stiff Competition
MNDY stock popped 16.6% to close at 152.80 on the stock market today.
In addition, Monday.com is opening up its platform for third-party developers to build AI apps.
Monday.com competes with Asana, Smartsheet, Atlassian, Adobe Systems and Microsoft, among others.
Founded in 2012, Monday.com raised $574 million in its June 2021 initial public offering, with MNDY stock priced at 155.
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