Why Monday.com Stock Soared Today
Shares of work-management specialist Monday.com (NASDAQ: MNDY) are soaring today, up by 19% as of 11:40 a.m. ET, after the company reported financial results for the second quarter of 2022. Q2 figures came in ahead of forecasts and guidance surpassed expectations, much to investors' delight.
Monday.com generated second-quarter revenue of nearly $124 million, up an impressive 75% year over year. This easily beat management's high-end forecast of $119 million. And it's important to note that this wasn't an easy comparison period: Last year's Q2 revenue grew 94% from the prior-year quarter, meaning Q2 2022 revenue was up an astounding 239% on a two-year basis.
Given the company is a subscription-as-a-service (SaaS) business, there are various customer metrics that Monday.com investors should pay attention to, and all were encouraging in Q2. For example, customers generating over $50,000 in annual recurring revenue soared 147% year over year. And the net dollar retention rate (a measure of spending from customers this year versus those same customers last year) was 125%, better than last year's 111%.
Source Fool.com
