Israeli work operating system company monday.com (Nasdaq: MNDY) is sharply higher on Wall Street after beating analysts' expectations on its third quarter 2023 results with revenue of $189 million and non-GAAP earnings per share of $0.64. The share price is 12.83% higher at $158.10, giving a market cap of $7.65 billion.
monday.com's third quarter revenue of $189 million was 38.2% higher than in the corresponding quarter of 2022. In the first nine months of 2023, revenue was $527 million, up 42.8% from the corresponding period of last year.
In the third quarter of 2023, monday.com swung to a GAAP net profit of $7.5 million, compared with a net loss of $23 million in the corresponding quarter of 2022. Since the start of the year, the GAAP net loss has narrowed by 89.5% to $14.2 million. Non-GAAP net profit in the third quarter was $33 million, compared with $2.6 million in the corresponding period of 2022 and in the first nine months of the year the non-GAAP net profit was $61.2 million compared with a net loss over the same period last year. monday.com has a free cash flow of $64.9 million and at the end of the third quarter had more than $1 billion in cash in the company's coffers.
monday.com co-CEOs and cofounders Roy Mann and Eran Zinman said, "Q3 marked another strong quarter for monday.com, with continued momentum from our multi-product strategy and robust customer demand. We are particularly pleased with our progress on mondayDB, our new infrastructure underpinning the WorkOS platform. The rollout of mondayDB remains ahead of schedule, and our customers are already seeing significant speed improvements for their largest and most complex use cases."
In the conference call after publication of the results the co-CEOs spoke about the current situation in Israel. They said, "With a heavy heart we also want to relate to the recent tragic events that took place in Israel. Our thoughts are with all those hurt by the difficult terror attack that happened on October 7. We will say that at this stage, the influence of the current situation on our global activities is minimal and we are continuing to be certain in our ability to meet all the business and financial targets that we have set."
Published by Globes, Israel business news - en.globes.co.il - on November 13, 2023.
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