Investing.com — Monday (NASDAQ:).com lifted its annual revenue and operating profit guidance but its shares slumped more than 12% in premarket trading Monday.
For the Q3 of fiscal 2024, the cloud team management software maker reported earnings per share (EPS) of $0.85, topping consensus estimates of $0.63.
The company generated a revenue of $251 million for the period, also beating the $246.17 million estimated by analysts.
Looking ahead, Monday.com expects fourth-quarter 2024 revenue between $260 million and $262 million, aligning closely with the market consensus of $261 million.
It also projects an adjusted operating profit for the quarter in the range of $29 million to $31 million.
“Monday.com had a strong Q3, driven by the team’s consistent execution as we focus on deepening our product capabilities and bolstering the platform to support customers of all sizes,” said Monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman.
“Reaching $1 billion in ARR marks a major milestone in our journey as a company, and we are more excited than ever to enter this next stage of growth, building on the strong foundation we’ve established.”
For the full year, monday.com raised its revenue guidance to a range of $964 million to $966 million, up from a previous forecast of $956 million to $961 million and ahead of the consensus estimate of $960.2 million at the midpoint.
Moreover, the company now expects adjusted operating profit of $121 million to $123 million, significantly higher than its earlier projection of $100 million to $105 million.
