Monday.com soars 20% as strong growth drives Q1 revenue beat By Investing.com

Monday .com Ltd. (MNDY (NASDAQ:)) saw its shares surge 20% in premarket trading Wednesday after the project management software maker reported strong Q1 revenue that beat Wall Street estimates.

The company posted first-quarter earnings per share (EPS) of $0.61, beating the consensus estimate of $0.40. Revenue for the quarter reached $216.9 million, marking a 34% year-over-year growth, and above the consensus projection of $210.64 million.

The company’s cash and cash equivalents stood at $1.22 billion, representing a 31% increase from a year earlier and topping the estimated $1.18 billion.

For Q2 2024, monday.com expects revenue between $226-230 million, compared to the consensus of $225.2 million.

For the full fiscal year 2024, revenue is projected to be between $942 million and 948 million, while analysts were looking for $936 million.

“Our Q1 results mark an exceptional start to the year, with strong demand for our products across all ends of the market,” said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman.

“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.”