Why Monday.com Stock Crashed Today, Erasing a Recent Surge
Shares of Monday.com (NASDAQ: MNDY) are having a bad case of the Mondays this fine Wednesday. The stock fell as much as 21.2% in the morning, lingering at a slightly milder 18.5% loss as of 12:30 p.m. EST. The company posted robust third-quarter results early in the morning, but the analyst-stumping report wasn't enough to sustain Monday's surging share prices.
Monday provides software-as-a-service (SaaS) tools that help companies both large and small build and manage their digital business needs, ranging from customer relations to building mobile apps.
Third-quarter revenue surged 95% above the year-ago reading, landing at $83 million. Adjusted net losses stopped at $0.26 per share, compared to a loss of $0.81 per share in the third quarter of 2020. Analysts had expected a loss of roughly $0.60 per share on top-line sales near $74.7 million.
Source Fool.com
