Monday.com’s (NASDAQ:MNDY) shares dropped more than 9% intra-day today despite the better-than-expected announcement of its fourth-quarter results.
The project management software company reported earnings per share (EPS) of $0.44, beating the consensus prediction of $0.32. Its revenue was $202.6 million, exceeding expectations of $197.95 million.
Additionally, monday.com saw its cash reserves grow to $1.12 billion, up 26% from the previous year, and experienced a 56% year-over-year growth in customers generating more than $50k in annual recurring revenue (ARR).
The company achieved a significant improvement in its non-GAAP operating margin, reaching 8% for the year, a stark contrast to the negative 9% from the last fiscal year.
For the first quarter of 2024, monday.com expects revenue to range between $207 million and $211 million, compared to the Street estimate of $208.8 million.
For the entire year of 2024, the company forecasts revenue between $926 million and $932 million, compared to the Street estimate of $927.5 million.