Israeli work operating system company monday.com (Nasdaq: MNDY) is sharply higher on Wall Street after raising its annual outlook for both revenue and profit and reporting strong first quarter 2024 results.
The company reported first quarter revenue of $217 million, up 37% from the corresponding quarter of 2023. GAAP net loss was $7.1 million and non- GAAP net profit was $31.7 million compared with $7.2 million in the corresponding quarter of 2023. Non-GAAP earnings per share was $0.61, well above the analysts' consensus of $0.40. monday.com had free cash flow of $89.9 million and $1.2 billion cash in its coffers at the end of the first quarter.
Looking ahead, the company sees second quarter revenue of $226-230 million, reflecting 29-31% growth from the second quarter of 2023 - slightly lower growth than in the first quarter. monday.com sees Non-GAAP operating profit in the second quarter of $17-21 million and fr e e cash flow of $47-51 million.
For full year 2024, the company sees $942-948 million revenue, up 29-30% on 2023, and up from the previous guidance of $926-932 million. monday.com sees non-GAAP operating profit of $77-83 million, up from the previous forecast of $58-64 million, and free cash flow of $238-244 million, compared with the previous forecast of $200-206 million.
monday.com cofounders and co-CEOs Roy Mann and Eran Zinman said, "Our Q1 results mark an exceptional start to the year, with strong demand for our products across all ends of the market. We are particularly pleased with the rapid growth of monday sales CRM and monday dev, which are both now accessible to all customers and saw accelerating account additions in the quarter. As we continue to evolve the WorkOS platform, we remain focused on delivering growth at scale while driving meaningful business value for our customers."
monday.com CFO Eliran Glazer added, "Q1 represents another great step forward for monday.com, with strong revenue growth and profitability, as well as record free cash flow. These results are supported by recent adjustments made to our pricing model, which thus far have exceeded our initial expectations. As a result of our strong performance in Q1, we remain highly confident in delivering the ‘base case’ guidance outlined at our 2023 Investor Day."
monday.com's share price is currently 20.9% higher on Wall Street at $219.87, giving a market cap of $10.917 billion.
Published by Globes, Israel business news - en.globes.co.il - on May 15, 2024.
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