Earnings To Watch: Monday.com (MNDY) Reports Q3 Results
Project management software maker Monday.com (NASDAQ:MNDY) will be announcing earnings results. Here's what you need to know.
Last quarter Monday.com reported revenues of $175.7 million, up 42% year on year, beating analyst revenue expectations by 3.8%. It was a strong quarter for the company, with next quarter and full-year revenue and adjusted operating profit guidance coming in higher than Wall Street's estimates.The company added 209 enterprise customers paying more than $50,000 annually to a total of 1,892.
Is Monday.com buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting Monday.com's revenue to grow 33.3% year on year to $182.5 million, slowing down from the 64.9% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.21 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 6.3%.
Looking at Monday.com's peers in the productivity software segment, some of them have already reported Q3 earnings results, giving us a hint of what we can expect. Atlassian delivered top-line growth of 21.1% year on year, beating analyst estimates by 1.3% and Dropbox reported revenues up 7.1% year on year, exceeding estimates by 0.8%. Atlassian traded down 11.8% on the results, Dropbox was down 1.7%.
Read our full analysis of Atlassian's results here and Dropbox's results here.
Tech stocks have been under pressure and while some of the productivity software stocks have fared somewhat better, they have not been spared, with share price declining 2.7% over the last month. Monday.com is down 2.4% during the same time, and is heading into the earnings with analyst price target of $199.6, compared to share price of $142.2.
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The author has no position in any of the stocks mentioned.
