Monday.com (NASDAQ:MNDY) shares trade over 15% higher after the company reported a huge upside to Street estimates for the first quarter.
Monday.com posted EPS of $0.14 on revenue of $162.3 million, cruising the analyst estimate for a loss per share of $0.28 on revenue of $155.33M.
“The Monday.com team is off to a strong start in 2023, with our results reflecting increasing customer demand for our Work OS platform and product suite, as well as our ongoing commitment to improving efficiency and profitability,” said monday.com founder and co-CEO, Roy Mann.
“As we begin to roll out mondayDB and introduce transformative AI capabilities, we are highly confident in our ability to continue this momentum through the rest of 2023 and beyond.”
For this quarter, the company sees revenue at $169M, ahead of the consensus at $165.3M. For FY23, revenue is seen at $704M, again better than the $690.7M.
DA Davidson analysts said the results were “strong.”
“The ongoing decline in net retention is a concern, but the company appears to be performing through it so far,” they wrote in a note.