Why Shares of Monday.com Stock Sank This Week
Shares of project management software company Monday.com (NASDAQ: MNDY) fell close to 30% this week, according to data from S&P Global Market Intelligence. It reported earnings for the second quarter, posting strong revenue growth but still disappointing investors.
As of 12:23 p.m. ET on Friday, Aug. 15, Monday.com stock is down 28.8%. It is currently off 60% from all-time highs set in 2021.
On Aug. 11, Monday.com reported its quarterly results for the three months ending in June. Revenue grew 27% year over year to $299 million, as more and more customers adopt its project management software. However, this is a slowdown from previous quarters, where Monday.com was growing sales at north of 30% a year.
Source Fool.com
