Monday .com (NASDAQ:MNDY) shares rose over 5.5% in pre-market Monday after the company’s forecast for this quarter came in ahead of the analyst consensus.
In Q2, adjusted earnings per share (EPS) were 41 cents, a significant improvement from the loss of 33 cents per share in the same period the previous year, surpassing the market estimate of 17 cents per share.
Revenue totaled $175.7M, a 42% increase from the same period the prior year, and exceeding the estimated revenue of $169.2M. The company's cash and cash equivalents grew by 19% year-over-year to $989.4M.
“We saw healthy customer demand in the second quarter, reflecting our commitment to rapid innovation,” said monday.com founder and co-CEO, Roy Mann.
“The official release of the first phase of mondayDB marks a significant transformation of our platform, providing customers with faster boards, and future releases will provide even more speed and scalability improvements. We also launched our AI Assistant in the quarter and are excited about the opportunities we see ahead with AI.”
The company expects Q3 revenue between $181M and $183M, compared to the consensus estimate of $178.8M. Additionally, Monday.com foresees an adjusted operating profit between $4M and $6M for Q3.
Monday.com has also revised its yearly revenue guidance. The company now projects full-year revenue in the range of $713M to $717M, up from the previous range of $688M to $693M, and higher than the consensus of $704.7M.