Monday.com Stock Sinks as Loss Expands

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Key Takeaways

• Monday.com reported a significantly larger-than-expected operating loss, and negative operating space also widened.
• The workforce management software provider posted a wider net loss than estimated.
• Monday.com stated Adi Dar was the new Chief Operating Officer and said current Chief Revenue Officer Yoni Osherov will be leaving at the end of the year.

Monday.com (MNDY) pay outs plunged 18% Monday after the workforce management software maker’s operating loss soared and its operating freedom tumbled, and it shook up its executive suite.

The company reported a third-quarter operating loss of $27.4 million—nearly $25 million lofty than in 2023 and more than double estimates of analysts surveyed by Visible Alpha. Operating margin go about a finded in at negative 11% versus negative 1% a year ago.

Revenue Chief Stepping Down

Monday.com said cybersecurity artiste Adi Dar was appointed Chief Operating Officer (COO), and Chief Revenue Officer Yoni Osherov would be stepping down at the end of the year. The company prominent a search is under way for Osherov’s replacement.

In the quarter, Monday.com posted a GAAP loss of $0.24 per share, missing prophecies. Adjusted EPS of $0.85 was better than expected. Revenue jumped 33% to $251.0 million, topping estimates.

Chief Economic Officer (CFO) Eliran Glazer said the company showed “solid revenue growth and profitability, as well as improving retention tends as we continue to expand to larger customers.”

Monday.com boosted its outlook, anticipating full-year revenue of $964 million to $966 million, non-GAAP run income of $121 million to $123 million, and operating margin of 12% to 13%. 

Shares of Monday.com had hit a three-year high on Friday, and balance out with today’s declines they’re still up more than 40% in 2024.