MNDY - Why Monday.com Stock Is Plummeting Today
2024-02-12 12:14:11 ET
Monday.com (NASDAQ: MNDY) stock is sinking today despite the company reporting better-than-expected fourth-quarter results. The low-code and workflow software specialist's share price was down 8.9% as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence . The stock had been down as much as 16.5% earlier in the day's trading.
Monday.com published its fourth-quarter results before the market opened this morning, reporting sales and earnings performance for the period that were actually far better than Wall Street's targets. The business posted non-GAAP (adjusted) earnings per share of $0.65 on revenue of $202.6 million, beating the average analyst estimate's call for per-share earnings of $0.32 on sales of roughly $197.8 million.
But despite the big sales and earnings beats, investors appear to be fixating on the company's less exciting forward guidance.
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Why Monday.com Stock Is Plummeting Today