monday.com doubles revenue and narrows loss

Israeli work operating system company monday.com (Nasdaq: MNDY) beat the analysts on both revenue and profit in the third quarter of 2021 and raised fourth quarter guidance. Despite this the share price is currently wiping out most of yesterday’s strong results, which saw the share price rise 16% to $444.70, giving a market cap of $19.442 billion.

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monday.com reported third quarter revenue of $83 million, up 95% from the corresponding quarter of 2020. The analysts’ consensus forecast for revenue had been $74.7 million and the company’s own guidance was $74-75 million.

GAAP net loss was $28.8 million in the third quarter of 2021, narrowing for a GAAP net loss of $41.1 million in the corresponding quarter of 2020. Non-GAAP net loss in the third quarter of 2021 was $11.4 million and a net loss in earnings per share of $0.26, while the analysts’ consensus had been $0.60 per share.

For the fourth quarter, monday.com has raised revenue guidance to $87-88 million, reflecting more modest growth of 74%-75% from the corresponding quarter than in the preceding quarter.

monday.com cofounder and co-CEO, Roy Mann said, “We achieved another strong quarter of top-line growth driven by the continued rapid adoption of our Work OS by new customers along with expansion within our existing customer base.”

Cofounder and co-CEO Eran Zinman added, “Third quarter performance demonstrates that our platform’s unique low-code no-code technology is enabling more organizations to achieve their business goals by accelerating digitization and creating a unified workspace.”

Published by Globes, Israel business news – en.globes.co.il – on November 10, 2021.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2021.