Sam Boughedda

Investing.com — Shares of Monday Although.Com (NASDAQ 🙂 is down 4.1% Monday afternoon, despite beating revenue and earnings estimates before the bell, they are still up 4.1%

Cloud-based software company Work Management Software posted a $0.96 loss per share. This was higher than the $1.02 loss expected. Revenue grew to $108.5million, exceeding the forecast of $101.22 million.

The revenue grew by 84% over the previous year while the number customers who have more than $50k in ARR increased 187% over that period.

“Q1 was another quarter of great execution at monday.com, led by strong demand with larger customers,” said Eliran Glazer, monday.com CFO. “While growing and scaling the company will remain our top priority, we are equally focused on improving capital efficiency and operating leverage as we move forward.”

Monday.com expects revenue to reach $117 to $119 millions in the second quarter. This represents an increase of 66% to 69% year-over-year.

The company expects to see revenue between $488 and $492 millions for the entire year 2022. This represents a 58%-to 60% increase year-over year.