MNDY - Why Monday.com Stock Shot Higher Today
2023-08-14 16:38:42 ET
Monday.com (NASDAQ: MNDY) stock gained ground today following the publication of the company's second-quarter results. The software specialist's share price closed out daily trading up 8.5%, according to data from S&P Global Market Intelligence .
Monday.com published Q2 results before the market opened this morning and posted sales and earnings results for the period that came in far ahead of the market's expectations. The company recorded non-GAAP (generally accepted accounting principles) adjusted earnings of $0.41 per share on revenue of $175.7 million, while the average analyst estimate had guided for per-share earnings of $0.21 on sales of $169.3 million.
Monday.com provides software that makes it possible for business customers to build, deploy, and update workplace applications even if creators have very little coding knowledge. The low-code software specialist is seeing strong demand for its services, and revenue climbed 42% year over year in its second quarter.
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Why Monday.com Stock Shot Higher Today