Work management platform monday.com (NASDAQ: MNDY) will be announcing earnings results this Monday before the bell. Here’s what to expect.
monday.com beat analysts’ revenue expectations last quarter, reporting revenues of $364.6 million, up 21.9% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ adjusted operating income estimates but a significant miss of analysts’ billings estimates. It added 287 enterprise customers paying more than $50,000 annually to reach a total of 4,834.
Is monday.com a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting monday.com’s revenue to grow 16.5% year on year, slowing from the 26.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. monday.com has a history of exceeding Wall Street’s expectations.
Looking at monday.com’s peers in the productivity software segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Atlassian delivered year-on-year revenue growth of 23.7%, beating analysts’ expectations by 3.5%, and Appian reported revenues up 25.5%, topping estimates by 8.2%. Atlassian traded down 16.2% following the results while Appian was up 3.6%.
Read our full analysis of Atlassian’s results here and Appian’s results here.
Investors in the productivity software segment have had fairly steady hands going into earnings, with share prices down 1.4% on average over the last month. monday.com is down 1.2% during the same time and is heading into earnings with an average analyst price target of $108.76 (compared to the current share price of $88.01).
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