By Sam Boughedda
monday.com Ltd. (NASDAQ:MNDY) shares jumped Monday after the company reported third-quarter earnings, topping analyst estimates for profit and revenue.
The company's stock is currently up 8.2% at around the $103 mark after opening the session at around $114.54 per share.
monday.com posted earnings of $0.05 per share, $0.59 above the analyst consensus estimate of a loss per share of $0.54. Revenue for the quarter came in at $136.9 million versus the consensus estimate of $130.36M.
In addition, the company revealed that the number of customers with more than $50k ARR grew 116% year over year.
"We made strong progress against our financial and operating plans, which drove improving margins and positive adjusted free cash flow in the third quarter," said Eliran Glazer, monday.com CFO.
Glazer added that while uncertainties in the macroeconomic environment remain, the company's results give it the confidence to increase its outlook for the balance of the year.
monday sees fourth-quarter revenue coming in between $140M and 142M, versus the consensus of $138.6M, while full-year 2022 revenue is expected to be between $509M and $511M, with FX expected to negatively impact its full-year revenue growth estimates by approximately 300 basis points.