Shares of Monday.com (MNDY 14.78%) rose today after the cloud customer resource management (CRM) software company reported better-than-expected results in its second-quarter earnings report. It also raised its full-year forecast.

At 2:20 p.m. EDT, the stock was up 11.1% following the news.

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Monday.com continues to grow

Monday’s recovery from the sharp post-pandemic decline continued today, with the company posting another round of strong revenue growth and further improving margins.

Revenue increased 34% to $236.1 million in the quarter, significantly beating the consensus of $228.8 million. The net dollar retention rate was 110%, showing that existing customers increased their spending on the platform by 10%; the growth was driven more by new customers. The number of new customers with more than 10 users increased 15% to 49,936 to 57,203.

The bottom line was that adjusted operating income more than doubled to $38.4 million from $16.6 million, and adjusted earnings per share (EPS) rose to $0.94 from $0.41, well above estimates of $0.56. The company also reported its earnings under generally accepted accounting principles (GAAP) for the first quarter.

CEO Eliran Glazer said: “These results demonstrate not only our highly effective execution, but also the strong demand we continue to see even in a difficult macroeconomic environment.”

What’s coming on Monday

Looking ahead, Monday.com sees better times ahead and has raised its revenue forecast to $956 million to $961 million, up 31 percent to 32 percent from last year and above the previous range of $942 million to $948 million. It’s also better than the analyst consensus of $947.8 million.

Given the better-than-expected results and the increase in guidance, the stock’s rise is no surprise, especially against the backdrop of a still challenging macro climate for cloud stocks.