Monday.com Down Despite Beating Earnings and Revenue Estimates
2022.05.16 21:01
© Netanel Tobias, monday.com PR
By Sam Boughedda
Investing.com — Shares of Monday .Com (NASDAQ:MNDY) are down 4.1% Monday afternoon despite the company beating earnings and revenue estimates when it reported before the bell.
The cloud-based work management software company reported a loss of $0.96 per share, beating expectations of a $1.02 per share loss. Meanwhile, revenue came in at $108.5 million, above the $101.22 million forecast.
Revenue grew 84% year over year, while the number of customers with more than $50k ARR grew 187% year over year.
“Q1 was another quarter of great execution at monday.com, led by strong demand with larger customers,” said Eliran Glazer, monday.com CFO. “While growing and scaling the company will remain our top priority, we are equally focused on improving capital efficiency and operating leverage as we move forward.”
The company’s outlook was also a beat, with Monday.com expecting revenue of $117 million to $119 million in the second quarter, representing year-over-year growth of 66% to 69%.
For the full year 2022, the company sees revenue of $488 million to $492 million, representing 58% to 60% growth year-over-year.
