Shares of Monday.Com rose after the software company reported results for the first quarter and said it now expects to post an adjusted annual operating profit this year.
The stock, which was up about 19% over the past 12 months through Friday's close, rose 17.2% to $153.6 a share in premarket trading on Monday.
Monday.Com on Monday said it now expects to report a full-year adjusted operating profit of $8 million to $12 million. In February, the company guided for a full-year adjusted operating loss of $36 million to $32 million.
Chief Financial Officer Eliran Glazer said the target for an adjusted operating profit this year is "two years ahead of our prior expectations."
The company is also now targeting full-year revenue of $702 million to $706 million, up from prior guidance of $688 million to $693 million.
For the first quarter, Monday.Com reported revenue of $162.3 million, up 50% from a year ago and above the $155.3 million that analysts surveyed by FactSet expected.
The company also slashed its quarterly loss to $14.7 million, or 31 cents a share, compared with $66.7 million, or $1.48 a share, a year ago.
Stripping out one-time items, adjusted loss came to 14 cents a share, narrower than the loss of 28 cents a share that analysts expected, according to FactSet.
