Monday.com, a software company, has recently released impressive second-quarter results and also raised its revenue guidance for 2023. As a result, the company’s shares rose by 10% to reach $171.88. Moreover, the stock has seen an overall increase of 39% this year.
During the three months ending on June 30, Monday.com managed to significantly reduce its loss from $45.7 million to approximately $7 million. This translates to a loss of 15 cents per share, compared to $1.01 per share in the same period last year. However, when adjusted for certain factors, the company achieved earnings of 41 cents per share.
In addition to reduced losses, Monday.com experienced a substantial increase in revenue. Its revenue soared by 42%, reaching $175.7 million, compared to $123.7 million during the same period last year.
Looking ahead, Monday.com provided revenue forecasts for both the third quarter of this year as well as for 2023. The company anticipates revenue between $181 million and $183 million for the upcoming quarter. As for 2023, Monday.com’s guidance indicates revenue in the range of $713 million to $717 million, which is higher than its previous forecast of $702 million to $706 million.
Co-Chief Executive Roy Mann highlighted that one of the key milestones achieved in the second quarter was the launch of Monday.com’s artificial intelligence assistant. He expressed excitement about the future prospects and opportunities that AI could bring to the company.
Overall, Monday.com’s second-quarter results demonstrate strong financial performance, with a notable reduction in losses and a substantial increase in revenue. The company’s optimistic revenue guidance for the coming quarters indicates that it is poised for further growth and success.