Work management platform monday.com (NASDAQ: MNDY) will be reporting results this Monday before the bell. Here’s what to expect.
monday.com beat analysts’ revenue expectations last quarter, reporting revenues of $351.3 million, up 24.5% year on year. It was a strong quarter for the company, with an impressive beat of analysts’ adjusted operating income estimates and a solid beat of analysts’ annual recurring revenue estimates. It added 266 enterprise customers paying more than $50,000 annually to reach a total of 4,547.
Is monday.com a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting monday.com’s revenue to grow 18.8% year on year, slowing from the 26.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. monday.com has a history of exceeding Wall Street’s expectations.
Looking at monday.com’s peers in the productivity software segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Atlassian delivered year-on-year revenue growth of 27.6%, beating analysts’ expectations by 6.4%, and SoundHound AI reported revenues up 45%, topping estimates by 18.1%. Atlassian traded up 35.6% following the results while SoundHound AI was also up 9.4%.
Read our full analysis of Atlassian’s results here and SoundHound AI’s results here.
There has been positive sentiment among investors in the productivity software segment, with share prices up 13.1% on average over the last month. monday.com is up 14.1% during the same time and is heading into earnings with an average analyst price target of $109.25 (compared to the current share price of $94.08).
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