By Sam Boughedda
Investing.com — Shares of Monday .Com (NASDAQ:) are down 4.1% Monday afternoon regardless of the corporate beating earnings and income estimates when it reported earlier than the bell.
The cloud-based work administration software program firm a lack of $0.96 per share, beating expectations of a $1.02 per share loss. In the meantime, income got here in at $108.5 million, above the $101.22 million forecast.
Income grew 84% 12 months over 12 months, whereas the variety of prospects with greater than $50k ARR grew 187% 12 months over 12 months.
“Q1 was one other quarter of nice execution at monday.com, led by robust demand with bigger prospects,” mentioned Eliran Glazer, monday.com CFO. “Whereas rising and scaling the corporate will stay our prime precedence, we’re equally targeted on bettering capital effectivity and working leverage as we transfer ahead.”
The corporate’s outlook was additionally a beat, with Monday.com anticipating income of $117 million to $119 million within the second quarter, representing year-over-year development of 66% to 69%.
For the total 12 months 2022, the corporate sees income of $488 million to $492 million, representing 58% to 60% development year-over-year.