• Sat. Mar 2nd, 2024

Why Monday.Com Stock Is Soaring Today

ByAdam Eckert

Aug 8, 2022
Why Monday.Com Stock Is Soaring Today

Monday.com Ltd MNDY shares are trading higher Monday after the company reported better-than-expected financial results and issued guidance above analyst estimates.

Monday.com said second-quarter revenue jumped 75% year-over-year to $123.7 million, which beat the estimate of $118.22 million, according to data from Benzinga Pro. The company reported a quarterly adjusted earnings loss of 33 cents per share, which beat the estimate for a loss of 75 cents per share.

Monday.com said its number of customers with more than $50,000 ARR grew 147% year-over-year. 

“Our move upmarket continues at an astonishing rate, growing our enterprise customer base to more than 1,000 customers this quarter, while maintaining our best in industry net dollar retention rates,” said Roy Mann, founder and co-CEO of Monday.com. 

Monday.com expects third-quarter revenue to be between $130 million and $131 million versus the estimate of $125.74 million. The company expects full-year revenue to be between $498 million and $502 million versus the estimate of $491.3 million. 

See Also: Alibaba, Xpeng, Nio Slide Over 3%: Why Hong Kong Stocks Are Jittery After US Jobs Report

MNDY Price Action: Monday.com has traded between $314.28 and $85.75 over a 52-week period.

The stock was up 18.1% at $151 at press time, according to Benzinga Pro.

Photo: courtesy of Monday.com.

Image and article originally from www.benzinga.com. Read the original article here.