09:02 AM EDT, 08/12/2024 (MT Newswires) -- Monday.com ( MNDY ) lifted its full-year outlook as the project management software provider's second-quarter results rose more than expected amid strong demand.

The company now anticipates revenue to come in between $956 million and $961 million in 2024, it said on Monday, compared with the previous guidance of $942 million to $948 million. The consensus on Capital IQ is for $947.9 million. Adjusted operating income is pegged at $100 million to $105 million, up from the prior forecast of $77 million to $83 million.

For the June quarter, the firm's adjusted earnings jumped to $0.94 a share from $0.41 the year before, surpassing the Street's view for $0.56. Revenue climbed 34% year over year to $236.1 million, ahead of analysts' $229.1 million estimate.

The company's US-listed shares rose nearly 9% in premarket activity.

"Monday.com ( MNDY ) delivered a strong second quarter, and we're very encouraged by the progress we continue to make against both our short- and long-term financial goals," Chief Financial Officer Eliran Glazer said in a statement. "We were able to deliver exceptional efficiency in (the second quarter), achieving our first quarter of GAAP operating profitability."

The number of paid customers with more than $100,000 in annual recurring revenue, or ARR, soared 49% year over year to 1,009, while customers with over $50,000 in ARR jumped 43%. The overall net dollar retention rate was 110%, according to the company.

"These results demonstrate not only our highly effective execution, but the strong demand we continue to see even through a challenging macroeconomic environment," Glazer said. Total operating expenses rose to $210.5 million from $168.3 million in the prior-year quarter.

For the ongoing quarter, the company expects revenue to be in a range of $243 million to $247 million, representing annual growth of 28% to 31%. The Street is expecting about $243 million. Adjusted operating income is expected between $19 million to $23 million for the three-month period.

Price: 246.90, Change: +21.20, Percent Change: +9.39