Monday.com (MNDY.US), US software company, rallies almost 20% and is one of the best performing Wall Street stocks today. The move higher in company's share price was triggered by release of a solid earnings report for Q1 2024 and upbeat forecasts for Q2 2024 as well as full-2024.
Company reported an, almost-34% jump in Q1 revenue to $216.9 million, beating analysts' expectations by around 3%. Cost of revenue was lower than expected but its growth exceeded growth in revenue, leading to a slight deterioration in gross margin. Unlike a year ago, company reported positive adjusted operating profit. Adjusted net income surged over 300% YoY to $31.7 million.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appApart from reporting solid Q1 results, company also issued upbeat forecasts for the current quarter and full-year. Monday.com expects Q2 revenue to reach $226-230 million, what would mark a 28.6-30.9% year-over-year growth. Q2 adjusted operating profit is seen at $17-21 million, compared to $16.6 million in Q2 2023. Full-year forecasts were boosted and the company now expects revenue of $942-948 million and adjusted operating income of $77-83 million.
Q1 2024 earnings
- Revenue:$216.9 million vs $210.5 million expected (+33.7% YoY)
- Cost of revenue: $23.5 million vs $24.5 million expected (+37.9% YoY)
- Gross profit: $194.7 million vs $187 million expected (+32.7% YoY)
- Gross margin: 89.8% vs 89.3% expected (90.4% a year ago)
- Adjusted operating income: $21.5 million vs $11.1 million expected (-$0.3 million a year ago)
- Adjusted operating margin: 9.9% vs 5.1% expected (-0.2% a year ago)
- Adjusted EBITDA: $24.1 million vs $13.9 million expected ($1.7 million a year ago)
- Adjusted EBITDA margin: 11.1% vs 6.6% expected (1% a year ago)
- Adjusted net income: $31.7 million vs $20.8 million expected (+338.5% YoY)
- Adjusted net margin: 14.6% vs 9.8% expected (4.4% a year ago)
- Adjusted diluted EPS: $0.61 vs $0.40 expected ($0.14 a year ago)
Q2 2024 forecast
- Revenue: $226-230 million vs $225.2 million expected
- Adjusted operating income: $17-21 million
Full-year 2024 forecast
- Revenue: $942-948 million, up from previous guidance of $926-932 million
- Adjusted operating income: $77-83 million, up from previous guidance of $58-64 million
Monday.com (MNDY.US) rallies almost 20% following release of upbeat Q1 2024 earnings report and trades at the highest level in a month. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
