What happened: Monday.com (MNDY) stock soared as much as 14% before trimming gains on Monday.
What’s behind the move: The company posted strong quarterly results and lifted its full-year forecast for both revenue and adjusted operating profits. The artificial intelligence work platform’s first quarter revenue grew 24% year over year, with a record $49 million in operating profits.
The company raised its full-year revenue forecast to $1.46 billion to $1.47 billion, up from prior guidance of $1.45 billion to $1.46 billion. Monday.com sees full-year adjusted operating profit of $185 million to $191 million, versus prior expectations of $165 million to $175 million.
What else you need to know: Wall Street welcomed Monday.com’s results as the company continues to incorporate AI into its offerings and navigates concerns that AI could disrupt its business.