By Friday afternoon, shares of Monday.com (NASDAQ: MNDY) had popped around 16% for the week, according to data from S&P Global Market Intelligence. On Monday morning, the workflow software solutions provider reported strong growth numbers yet again for the second quarter, along with solid profitability. As tons of software stocks get thrown out of investor portfolios to be replaced with artificial intelligence (AI) stocks, Monday.com has proved the doubters wrong yet again.

As of this writing at 2:54 p.m. ET Friday, shares of Monday.com were up 16.5% this week. Here's why.

In the quarter ending in June, Monday.com's revenue grew 34% year-over-year to $236.1 million. This was driven by spending growth from larger customers who are increasingly adapting the Monday.com workflow platform. Customers with more than $100,000 in annual spend with Monday.com grew 49% year-over-year to 1,009 in the quarter. Overall, the net dollar retention rate was 110%, which shows how much existing customers are increasing spend with the company. A 110% figure generally means that existing customers grew spending by 10% year-over-year.

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Source Fool.com