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Shares of monday.com (NASDAQ:MNDY) jumped about 12% on Monday after the company raised its full-year revenue outlook again in conjunction with its second-quarter results, which beat estimates.
The company, which provides collaborative work management software, saw second quarter revenue grow about 34% year-over-year to $236.11M, while non-GAAP EPS surged around 129.3% year-over-year to $0.94. Both top and bottom line numbers came in above expectations.
“Most notably, we were able to deliver exceptional efficiency in Q2, achieving our first quarter of GAAP operating profitability,” said monday.com’s CFO Eliran Glazer.
The company noted that it closed an 80,000-seat agreement in the second quarter which was its largest deal in company history.
The company added that it achieved GAAP operating profitability and record non-GAAP operating income in the second quarter of 2024.
Net dollar retention rate for customers with more than $50,000 in annual recurring revenue, or ARR, was over 114%. Meanwhile, the number of paid customers with more than $50,000 in ARR was 2,713, rising 43% year-over-year, according to monday.com.
Net dollar retention rate for customers with over $100,000 in ARR was 114%. The number of paid customers with more than $100,000 in ARR was 1,009, up 49% from 677 as of June 30, 2023.
Outlook: For the third quarter ending Sept. 30, the company expects total revenue to between $243M and $247M (with midpoint at $245M) versus consensus revenue estimate of $242.95M. Non-GAAP operating income is forecast between $19M and $23M, and operating margin of 8% to 9%.
For the full year 2024, monday.com now expects revenue to be between $956M and $961M (with midpoint at $958.5M) compared to prior range of $942M and $948M provided during first quarter results in May. Consensus revenue estimate is $947.85M.
The company anticipates non-GAAP operating income of $100M to $105M and operating margin of 10% to 11%.
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