10:28 AM EDT, 05/15/2024 (MT Newswires) -- Monday.com ( MNDY ) lifted its full-year outlook on Wednesday after the project management software provider's first-quarter results topped market expectations, buoyed by robust demand for its products across all end markets.

The company now anticipates revenue to come in between $942 million and $948 million for the 2024 financial year, compared with previous projections for $926 million to $932 million. The consensus on Capital IQ is for nearly $936 million. Adjusted operating income is pegged at $77 million to $83 million, up from the prior forecast of $58 million to $64 million.

For the March quarter, the firm's adjusted earnings jumped to $0.61 a share from $0.14 the year before, surpassing the Street's view for $0.40. Revenue climbed 34% to $216.9 million, ahead of analysts' $210.6 million estimate. The company's US-listed stock surged 20% in Wednesday's trading session.

"Our (first-quarter) results mark an exceptional start to the year, with strong demand for our products across all ends of the market," co-Chief Executives Roy Mann and Eran Zinman said in a statement. "As we continue to evolve the WorkOS platform, we remain focused on delivering growth at scale while driving meaningful business value for our customers."

The number of paid customers with more than $50,000 in annual recurring revenue soared 48% year-on-year to 2,491 at the end of March, according to the company. The overall net dollar retention rate was 110%. Total operating expenses rose to $198.5 million from nearly $168 million.

"(The first quarter) represents another great step forward for monday.com ( MNDY ), with strong revenue growth and profitability, as well as record free cash flow," Chief Financial Officer Eliran Glazer said. "These results are supported by recent adjustments made to our pricing model, which thus far have exceeded our initial expectations."

For the ongoing quarter, the company expects revenue to be in a range of $226 million to $230 million, representing annual growth of 29% to 31%. The Street is looking for $225.2 million.

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