Monday.com reported second-quarter earnings and revenue that topped Wall Street consensus estimates. The software maker's revenue guidance for MNDY stock met expectations. Monday stock tumbled on the news.
Monday.com reported earnings before the market open on Monday. For the quarter ending June 30, the maker of project management software reported a profit of $1.09 a share on an adjusted basis, up 16% from a year earlier. Revenue rose 27% to $299 million.
"This was the smallest percentage beat (1.8%) MNDY has reported since going public," said TD Cowen analyst Derrick Wood in a report.
Analysts had predicted adjusted profit of 86 cents on revenue of $293.6 million. A year earlier, Monday.com earned 94 cents on revenue of $236.1 million.
MNDY Stock: Asana, Smartsheet Rivals
For the current quarter ending in September, Monday.com predicted revenue of $312 million, in-line with estimates.
On the stock market today, MNDY stock plunged 27% to 180.36 in morning trading. That could signal a 52-week low.
Heading into the earnings report, MNDY stock had advanced 5% in 2024.
The iShares Expanded Tech-Software Sector ETF, an industry index that includes Microsoft and many big-cap software companies, has gained 9%.
MNDY stock holds a Composite Rating of 61 out of a best-possible 99, according to IBD Stock Checkup.
Monday.com competes with Asana, Smartsheet and Atlassian, among others.
Founded in 2012, Monday.com raised $574 million in its June 2021 initial public offering, with MNDY stock priced at 155.
Meanwhile, MNDY stock holds an Accumulation/Distribution Rating of D-. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading. (A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.)
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
