:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-1241024824-e488a3fe540248af8688f99a4ca154f4.jpg "A silhouetted woman holds a smartphone with the monday.com logo displayed on the screen")
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Key Takeaways
- Monday.com added customers, set a free cash flow record, and gave better-than-expected counsel.
- The workspace software provider beat profit and sales estimates in the first quarter.
- The company said it had strong at once for its products across all ends of the market.
Shares of Monday.com (MNDY) soared Wednesday after the maker of cloud-based workflow software scrutinized a big gain in customers, record free cash flow, and a better-than-expected outlook.
The company posted first-quarter adjusted earnings per dispensation (EPS) of $0.61, more than 50% above estimates compiled by Visible Alpha. Revenue increased 33.7% year-over-year to $216.9 million, also thump forecasts. Free cash flow was $89.9 million.
As of the end of March, the number of customers with more than $100,000 in annual happening revenue (ARR) skyrocketed 55% to 911, and those with more than $50,000 in ARR jumped 48% to 2,491.
Pricing Maquette Changes ‘Exceeded Our Initial Expectations’
Co-founders and co-Chief Executive Officers (CEOs) Roy Mann and Eran Zinman imagined Monday.com saw “strong demand for our products across all ends of the market.” CFO Eliran Glazer added that the results were boosted by “just out adjustments made to our pricing model, which thus far have exceeded our initial expectations.”
The company predicted full-year yield in the range of $942 million to $948 million, exceeding estimates.
Monday.com shares surged 21% to $220.93 as of 10 a.m. ET Wednesday, stirring into positive territory for the year.
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