MNDY - Why Monday.com Stock Rose 40% in the First Half of 2023
2023-07-11 10:18:31 ET
Shares of work management software company Monday.com (NASDAQ: MNDY) rose 40.3% in the first half of 2023, according to data provided by S&P Global Market Intelligence . The stock was actually down for the first half of the year until early May. But after it reported financial results for the first quarter of 2023, shares started surging to a market-beating performance.
In Q1, Monday.com generated revenue of $162.3 million -- far ahead of the revenue of $154 million to $156 million that management was expecting. Consequently, management raised its full-year revenue guidance from $688 million-$693 million to $702 million-$706 million.
Monday.com is maintaining adequate revenue growth for the market. Its higher full-year guidance anticipates a year-over-year growth rate of 35% to 36%. It's a steep drop-off from its 68% growth in 2022. But 35% to 36% growth is still enough to excite investors.
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Why Monday.com Stock Rose 40% in the First Half of 2023