Monday.com Soars On Earnings As Software Maker Sets AI Plans
Monday.com first-quarter earnings and revenue topped estimates, sending MNDY stock up. The software maker plans to add AI apps, which will help with sales productivity.
Monday.com reported results for the first quarter that exceeded analyst expectations. MNDY stock surged after the software maker revealed its roadmap to build artificial intelligence apps on its platform.
Monday.com announced earnings before the opening of the stock market. The maker of Project Management Software reported a profit per share of 14 cents, compared to a loss of 96 cents the year before. The company's revenue increased by 50%, to 162.3 million dollars. Analysts predicted a loss of 28 cents on a revenue increase of 44%.
Billings (a measure of sales growth) increased by 43%, to $193.3 millions, exceeding estimates of $176.8 million.
Monday.com has also increased its revenue forecast for the full year to an estimated $702 to $706 millions.
MNDY Stock Pops Despite Stiff Competition
MNDY's stock price jumped 12.5% today to 147.48.
Monday.com is in competition with Asana, Smartsheet, Atlassian TEAM (Team), Adobe Systems ADBE (MSFT), and others.
Monday.com, founded in 2012, raised $574 millions in its initial public offering in June 2021, with MNDY stocks priced at 155.