Monday.com on Monday reported second-quarter earnings and revenue that topped estimates amid strength in its enterprise business. The software maker's revenue guidance for Monday stock edged by views.
Monday.com reported earnings before the market open. For the quarter ending June 30, the maker of project management software reported a profit of 94 cents a share on an adjusted basis, up 129% from a year earlier. Revenue rose 34% to $236.1 million.
Analysts had predicted adjusted profit of 56 cents on revenue of $229 million. A year earlier, Monday.com earned 41 cents on revenue of $176 million.
"MNDY's enterprise business continues to be its core growth driver," said TD Cowen analyst Derrick Wood in a report.
Monday Stock: Asana, Smartsheet Rivals
For the current quarter ending in June, Monday.com predicted revenue of $245 million vs. estimates of $243 million.
On the stock market today, Monday stock popped 14.8% to close at 259.05. Monday stock was up 20% in 2024 as of Friday's market close.
Heading into the earnings report, Monday stock had a Relative Strength Rating of 93 out of a best-possible 99, according to IBD Stock Checkup.
Monday.com competes with Asanaand Smartsheet and to a lesser degree Workday and Atlassian.
Founded in 2012, Monday.com raised $574 million in its June 2021 initial public offering, with MNDY stock priced at 155.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
