Monday.com Climbs 9% As Results Better Than Expected; Outlook Above View

(RTTNews) - Shares of monday.com Ltd. (MNDY), a Work OS platform provider, are rising more than 9% Monday morning after reporting better-than-expected quarterly results. The company's fourth-quarter as well as full-year revenue outlook also came in above view.

monday.com's loss for the third quarter narrowed to $23.03 million or $0.51 per share from $28.85 million or $0.65 per share loss in the same quarter a year ago.

Excluding on-time items, loss was $0.05 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.54 loss per share.

Quarterly revenue increased 65% year-over-year to $136.89 million. The consensus estimate was for $130.4 million.

Looking forward, the company expects total revenue of $140 million to $142 million for the fourth quarter. Analysts are expecting revenue of $138.55 million for the quarter.

For the full year, revenue is expected between $509 million and $511 million. The consensus estimate stands at $501.12 million.

The company, however, cautioned that due to the recent strengthening of the US dollar, full year revenue growth estimates are expected to negatively impact by FX by about 300 basis points.

MNDY is at $104.5 currently. It has traded in the range of $73.58-$419.57 in the last 1 year.