Monday.com shares surge on strong Q1, 2024 outlook
In its full forecast for 2024, Monday said it expects total revenue of $942 million to $948 million, representing year-over-year growth of 29% to 30%
Monday.com's stock jumped sharply on Wednesday following better-than-expected results for the first quarter of 2024. The enterprise software company ended the first three months of the year with revenue of $216.9 million, well above the forecast of $207-211 million. This reflects an annual growth rate of 34%, consistent with what monday.com presented last year. The company also reported the highest cash flow in its history, amounting to $92 million. The GAAP operating loss shrank to $5 million, compared to $22.8 million in the corresponding period last year. GAAP basic and diluted net income per share was $0.14, compared to GAAP basic and diluted net loss per share of $0.31 in the first quarter of 2023.
Monday also provided an optimistic forecast for the second quarter, expecting revenues of $226-230 million, reflecting a growth rate of about 30% compared to the corresponding quarter last year. In its full forecast for 2024, monday said it expects total revenue of $942 million to $948 million, representing year-over-year growth of 29% to 30% and Non-GAAP operating income of $77 million to $83 million. Free cash flow is expected to reach $238-244 million.
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“Our Q1 results mark an exceptional start to the year, with strong demand for our products across all ends of the market,” said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman. “We are particularly pleased with the rapid growth of monday sales CRM and monday dev, which are both now accessible to all customers and saw accelerating account additions in the quarter. As we continue to evolve the WorkOS platform, we remain focused on delivering growth at scale while driving meaningful business value for our customers.”
