Monday.com reported third-quarter earnings and revenue that topped estimates. The software maker's guidance for MNDY stock edged by views. Monday.com stock popped on the news.
Monday.com reported earnings before the market open on Monday. For the quarter ending Sept. 30, the maker of project management software reported a profit of 64 cents a share on an adjusted basis. Revenue rose 38% to $189.2 million.
Analysts had predicted adjusted profit of 21 cents on revenue of $182.4 million. A year earlier, Monday.com earned 5 cents on revenue of $136.9 million.
MNDY Stock: Asana, Smartsheet Rivals
For the current quarter ending in December, Monday.com predicted revenue of $197 million vs. estimates of $195 million.
"While the company continues to see seat-based expansion headwinds due to macro and budget pressures, trends generally appear to be stabilizing—not getting better yet but also not getting worse," said William Blair analyst Arjun Bhatia in a report. "As it relates to the conflict in Israel, Monday allayed investor fears about disruption risk as the impact to its operations has been minimal."
On the stock market today, MNDY stock popped 10.5% to close at 154.83. Heading into the earnings report, Monday.com stock had climbed 15% in 2023.
MNDY stock holds a Relative Strength Rating of 86 out of a best-possible 99, according to IBD Stock Check-up.
Monday.com competes with Asana, Smartsheet, Atlassian, Adobe Systems and Microsoft, among others.
Founded in 2012, Monday.com raised $574 million in its June 2021 initial public offering, with MNDY stock priced at 155.
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