Cloud stocks rally on back of strong Q2, raised guidance from monday.com
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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 $0.33 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.