Israeli work operating system company monday.com (Nasdaq: MNDY) reported its first results today since its IPO in June, beating the analysts with higher than expected revenue. In trading today on Wall Street, monday.com's share price is up 23.55% at $302.78, giving a market cap of $13.24 billion.
monday.com's work operating system allows organizations to produce the tools and processes that they require. Second quarter 2021 revenue was $70.6 million, well above the analysts' expectations of $62.1 million and 93.7% higher than the corresponding quarter of 2020.
GAAP net loss in the second quarter was $32.5 million, compared with $33 million in the corresponding quarter of 2020. Non-GAAP net loss in the second quarter of 2021 was $35.7 million, compared with $31.7 million in the second quarter of 2020.
In the third quarter of 2021, monday.com sees revenue of $74-75 million and a non-GAAP net loss of $25-26 million, and in 2021 the company sees revenue of $280-282 million and an operating loss of $91-93 million.
monday.com founder and co-CEO Roy Mann said, "We delivered strong results in our first quarter as a public company, as strong execution and expanding adoption of monday.com Work OS drove total revenue growth of 94%. We are pleased with the momentum in our business that demonstrates continued high growth at scale."
monday.com founder and co-CEO Eran Zinman added, "monday.com Work OS is the leader in the low-code no-code market, and our business is accelerating as we continue to expand platform usage into use cases such as operations, project management, CRM, finance, marketing, HR, and IT."
Published by Globes, Israel business news - en.globes.co.il - on August 17, 2021
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