Why Monday.com Stock Popped Today
Shares of Monday.com (NASDAQ: MNDY) were up 10% as of 3:30 p.m. ET, according to data provided by S&P Global Market Intelligence, after the work management software company announced strong quarterly results.
Monday's third-quarter 2023 revenue climbed 38% year over year to $189.2 million, translating to non-GAAP (adjusted) earnings of $0.64 per share. Analysts, on average, were only expecting earnings of $0.21 per share on revenue of $182.5 million.
Net-dollar retention rate (NDRR) arrived at over 110% -- meaning existing customers spent 10% more on Monday's solutions, on average, after their first year. The metric climbed even higher for larger customers, with NDRR standing at 115% both for customers with over 10 users and those generating more than $50,000 in annual recurring revenue. Monday.com ended the quarter with 2,077 customers in the latter category, up 57% from 1,323 at the same point a year ago.
Source Fool.com
