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monday.com Stock Surges 19 percent Following Q1 Beat

monday.com (NASDAQ:MNDY) shares jumped more than 19% pre-market today after the company outperformed expectations in its first-quarter financial report, posting earnings per share of $0.61, surpassing the analyst forecast of $0.40. The company also exceeded revenue expectations with $216.9 million reported, compared to the anticipated $210.64 million.
Looking ahead, monday.com provided guidance for the second quarter of 2024, expecting revenue to range between $226 million and $230 million, above the consensus estimate of $225.2 million. For the full year, the company projects its revenue will be between $942 million and $948 million, higher than the consensus estimate of $936 million.
monday.com’s co-founders and co-CEOs, Roy Mann and Eran Zinman, expressed satisfaction with the company’s strong start to the year, highlighting the robust demand for their products across various market segments. They noted significant growth in the adoption of their monday sales CRM and monday dev platforms, both of which have become accessible to all customers and have seen an increase in account additions. The company aims to continue its growth trajectory while enhancing the WorkOS platform and delivering substantial value to its customers.

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