Everyone's got it in for Monday.
The first work day of the week has been slammed in song and story for decades.
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You've got tunes like Blue Monday, Manic Monday, Rainy Days and Mondays, I Don't Like Mondays, and Monday Morning Blues, to name a few, all sending out sincerely hostile vibes about the day before Tuesday.
The shortest horror tale of all time? Monday.
To be fair, there are people who have kind things to say about the working person's least favorite day on the calendar.
These are the folks who tell you to turn your Monday blues into motivation, that Monday is a blank canvas, so paint it colorful, and chase your dreams, even on Monday.
Monday.com (MNDY) may sound like an odd name for a company, but the founders of the Tel Aviv-based cloud-based work management platform believed they were on to something.
The company, which went public in 2021, started out as Dapulse, but that name flatlined, and even employees reportedly mocked the handle.
Monday.com
Monday.com CEO: 'AI continues to be a top priority'
“Changing the name was a big part of a maturity phase,” Roy Mann, co-CEO told Forbes in 2018. “We chose Monday as the first day of the week, not Sunday (the first day of the workweek in Israel), because we understand who our audience is. It goes alongside having a big goal of now getting our software to everyone.”
Monday.com reported second-quarter earnings on Aug. 12, and Mann, who co-founded the company with Eran Zinman, said that "since our debut in Nasdaq three years ago, we have made significant progress in realizing our vision of becoming the platform to run the core of all work for customers."
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"In that time, we have transitioned from a single product offering to a true platform with multiple products," Mann said during the company's earnings call. "This transition and our strong execution have allowed us to nearly double our customer base, triple annual recurring revenue, and increase our largest customer seat count tenfold."
AI continues to be a top priority, Mann said, "and we are actively integrating it across all areas of monday."
"In Q2, we introduced the new GenAI features to the monday platform, including auto-generated action items, threat summaries, and enhanced text extraction capabilities," he said.
Monday.com reported adjusted earnings of 94 cents a share, up 129% from a year earlier, beating the consensus estimate of 56 cents a share. Revenue totaled $236.1 million for the quarter, up 34% from a year ago, and beating Wall Street's call for $229 million in sales.
Cash flow from current operations increased to $55.8 million.
Looking ahead, monday.com raised its full-year 2024 revenue guidance to a range of $956-961 million, above the consensus of $947.9 million.
For the third quarter, the company expects revenue between $243 and $247 million, also ahead of Wall Street’s estimates.
Shares of Monday.com climbed after the earnings release and are up nearly 66% from a year ago.
Chief Financial Officer Eliran Glazer noted that despite macroeconomic challenges, "we see a steady demand across all segments."
Analyst cites 'solid' revenue growth
Several analysts adjusted their price targets in response to the company's latest quarterly results.
DA Davidson analyst Gil Luria raised the firm's price target on Monday.com to $250 from $230 and kept a neutral rating on the shares.
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The company delivered a healthy beat and raise quarter given durable demand across its customer base and a new record seat expansion with a long-time customer, the analyst said.
Monday.com's product adoption is growing, and its price increases have been received well so far, Luria added.
Loop Capital raised the firm's price target on Monday.com to $285 from $245 and kept a buy rating on the shares.
The company's second-quarter results were "solid" as revenue growth accelerated 34%, large customer adds were strong, non-GAAP operating margins were better than forecast, and revenue and profitability guidance went up by more than the quarter's upside, the firm said.
Loop added that the quarter was driven by strong execution upmarket and success rolling out ongoing price hikes, also noting that the firm has not seen any degradation in retention despite macro choppiness.
Bank of America Securities raised the firm's price target on Monday.com to $300 from $280 and kept a buy rating on the shares.
Monday.com posted strong year-over-year revenue growth in a quarter that has been challenging for software as a service company, as growth remains balanced across products, the firm said.
The company's results support a constructive view and premium valuation during a quarter and in a market where beats and raises have been a rarity given incremental macro challenges, BofA said.
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