The share price of Israeli work operating system company monday.com (Nasdaq: MNDY) is up 8.82% in trading on Wall Street today after raising its annual outlook and reporting strong second quarter 2024 results.
The company, which has developed operating systems to help enterprises manage work procedures, reported $236 million revenue in the second quarter, up 34.4% from the corresponding quarter of 2023, and above the analysts’ forecast. In the first half of 2024 revenue was $453 million, up 34.1% from the first half of 2023.
The company reported GAAP operating profit of $1.8 million in the second quarter after an operating loss of $12.2 million in the corresponding quarter of 2023.
monday.com reported GAAP net profit of $14.3 million compared with a GAAP net loss of $7 million in the second quarter of 2023. Non-GAAP net profit was $49.3 million and earnings per share $0.94. The company ended the second quarter with cash totaling $1.29 billion.
monday.com has raised its annual guidance to $956-961 million from $942-948 million, which reflects annual growth of 31%-32%. The company forecasts non-GAAP operating profit of $110-105 million compared with its previous forecast of $77-83 million.
"Q2 marks three years since our debut on the Nasdaq, and we’re more excited than ever about the opportunities we see ahead," said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman. "We continue to drive strong and efficient growth, while constantly innovating to ensure that our go-to-market strategy, products, and platform can effectively scale as our customers grow."
"monday.com delivered a strong second quarter, and we’re very encouraged by the progress we continue to make against both our short- and long-term financial goals," said Eliran Glazer, monday.com CFO. "Most notably, we were able to deliver exceptional efficiency in Q2, achieving our first quarter of GAAP operating profitability. These results demonstrate not only our highly effective execution, but the strong demand we continue to see even through a challenging macroeconomic environment."
Monday.com is one of the most valuable Israeli companies on Wall Street and was trading at a market cap of $11.235 billion when the market closed yesterday. The company held its IPO during the 2021 tech boom at a company valuation of $6.8 billion.
Published by Globes, Israel business news - en.globes.co.il - on August 12, 2024.
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