MNDY - Monday.com strong Q2 guidance leads enterprise software stocks higher

2023-08-14 11:31:43 ET

Strong results and guidance from project management software company monday.com ( NASDAQ: MNDY ) led enterprise software stocks higher on Monday.

Based in Tel Aviv, Israel, monday.com ( MNDY ) said it earned an adjusted 41 cents per share as revenue rose 42% year-over-year to $175.7M. Analysts were expecting adjusted earnings of 21 cents per share and $169.29M in revenue.

In addition, the company said it ended the period with 1,892 customers paying more than $50,000 in annual recurring revenue, up 63% year-over-year.

The company also boosted its full-year revenue outlook, as it now sees sales falling within a range of $713M and $717M, up from a prior view of $688M to $693M.

It also expects full-year adjusted operating income to be between $24M and $28M, with an operating margin of 3% to 4%.

Shares of monday.com ( MNDY ) gained more than 11% following the results and guidance.

Third-quarter revenue is forecast to be between $181M and $183M, above the $178.8M estimate.

Other enterprise software stocks moved higher on back of the results, including Atlassian ( TEAM ), Asana ( ASAN ) and Salesforce ( CRM ), all of which gained 1% or more.

More on monday.com

• monday.com Q2 Earnings: A Buy As Customers Embrace The Platform
• monday.com: A Few Indicators Point To Higher Stock Prices

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