Monday.com strong Q2, guidance leads enterprise software stocks higher
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Strong results and guidance from project management software company monday.com (NASDAQ:MNDY) led enterprise software stocks higher on Monday.
Based in Tel Aviv, Israel, monday.com (MNDY) said it earned an adjusted 41 cents per share as revenue rose 42% year-over-year to $175.7M. Analysts were expecting adjusted earnings of 21 cents per share and $169.29M in revenue.
In addition, the company said it ended the period with 1,892 customers paying more than $50,000 in annual recurring revenue, up 63% year-over-year.
The company also boosted its full-year revenue outlook, as it now sees sales falling within a range of $713M and $717M, up from a prior view of $688M to $693M.
It also expects full-year adjusted operating income to be between $24M and $28M, with an operating margin of 3% to 4%.
Shares of monday.com (MNDY) gained more than 11% following the results and guidance.
Third-quarter revenue is forecast to be between $181M and $183M, above the $178.8M estimate.
Other enterprise software stocks moved higher on back of the results, including Atlassian (TEAM), Asana (ASAN) and Salesforce (CRM), all of which gained 1% or more.
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