Shares of Monday.com (NASDAQ:MNDY) surged 24% on Tuesday after the work-management software provider announced strong second-quarter results.
Monday.com’s revenue rocketed 94% year over year to $70.6 million. The gains were fueled by new customer wins and higher sales to existing clients, as evidenced by its sterling net dollar retention rate for customers with more than 10 users of over 125%.
“We are pleased with the momentum in our business that demonstrates continued high growth at scale,” co-CEO Roy Mann said in a press release.
Business is booming for Image source: Getty Images.
Better still, Monday.com is making progress toward achieving profitability. The company’s adjusted operating loss improved to $9.9 million, compared to a loss of $14.9 million in the prior-year period. Its adjusted net loss per share, in turn, narrowed to $0.26 from $0.39 in the year-ago quarter.
Looking ahead, management expects Monday.com’s full-year total revenue to grow by as much as 75% to $282 million in 2021.
“While we have made tremendous progress in the last few years, we believe that we are still in the very early stages of our growth as a company, and our guidance for the balance of 2021 suggests a strong second half of the year as we continue to drive fundamental improvements to the future of work and collaboration for companies of all sizes globally,” CFO Eliran Glazer said.
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