Why Monday.com Stock Jumped 16% Higher Today
Shares of Monday.com (NASDAQ: MNDY) rose as much as 15.9% on Monday morning, powered by an impressive earnings report. The provider of no-code app development and project management tools sported a 14.4% overnight gain as of 1:20 p.m. ET. That's the peppiest case of "the Mondays" I've seen in a while.
Monday.com's first-quarter sales jumped 50% higher year over year, landing at $162 million. On the bottom line, the year-ago period's adjusted net loss of $0.96 per diluted share swung to a net profit of $0.14 per diluted share. Your average financial analyst would have settled for a net loss near $0.28 per share on revenues in the neighborhood of $155 million. The results also surged past the top end of management's official guidance for this period.
The company saw particularly strong sales to enterprise-class customers, where the client list grew 75% longer to 1,683 names. This group consists of customers whose annual contracts are worth at least $50,000. The recent launch of a sales-oriented customer relationships management (CRM) service also met a "tremendous" response from Monday.com's clients, according to CEO Roy Mann.
Source Fool.com
