Monday.com ( NASDAQ: MNDY ) shares surged nearly 18% on Monday, as the cloud software provider posted second-quarter results that topped estimates and raised its full-year revenue guidance, prompting a rally in the sector.
For the period ending June 30, monday.com ( MNDY ) said it lost an adjusted 33 cents per share on $123.7M in revenue, up 75.2% year-over-year, as the number of customers with more than $50,000 in annual recurring revenue grew 147% year-over-year.
The company raised its third-quarter and full-year revenue guidance in conjunction with the just released data. Monday.com ( MNDY ) now expects third-quarter revenue to be between $130M and $131M, compared to estimates of $125.74M.
Looking to the full-year, monday.com ( MNDY ) expects sales to be between $498M and $502M, up from a prior outlook of $488M to $492M. Analysts expect monday.com ( MNDY ) to generate $491.3M in sales.
The rally in monday.com ( MNDY ) aided other cloud software providers, including Salesforce ( NYSE: CRM ), Intuit ( INTU ) and Workday ( WDAY ), with Workday tacking on nearly 4.5%.
Snowflake ( SNOW ) shares rose nearly 4% as investors returned to a risk-on mindset in the sector.
Twilio ( NYSE: TWLO ) shares gained more than 5% even as the company said it was hacked by an unknown group that compromised some customer data.
Twilio ( TWLO ) said the investigation is ongoing and it is working with law enforcement on the matter.
In addition to its strong financial results, monday.com ( MNDY ) said it expects revenue growth to be negatively impacted by nearly 300 basis points due to the strength of the U.S. dollar .
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Cloud stocks rally on back of strong Q2, raised guidance from Monday.com