monday.com (NASDAQ: MNDY) had a great quarter and was soaring in pre-market trading at the time of writing on Monday after the cloud-based work management platform announced its Q1 results. The company reported adjusted earnings of $0.14 per diluted share in Q1 versus $0.96 in the same period last year while analysts were expecting MNDY to report a loss of $0.28 per share.
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The company’s revenues jumped by more than 50% year-over-year to $162.3 million in Q1 exceeding consensus estimates of $155.33 million.
Looking forward, monday.com expects total revenues of $168 million to $170 million, in the second quarter while the adjusted operating margin is expected to be between 1% and 2%.
Eliran Glazer, monday.com CFO commented, “We are very pleased with our results in Q1, achieving quarterly records for our free cash flow and revenue. As a result, we are increasing our full-year guidance, and now expect to achieve non-GAAP operating profitability in FY’23, two years ahead of our prior expectations.”
The company now projects revenues to be in the range of $702 million to $706 million while adjusted operating income is likely to be between $8 million and $12 million.
Analysts remain bullish about MNDY stock with a Strong Buy consensus rating based on 14 Buys and one Hold.
