Monday.com Flags Short-Term Disruption From 20% Workforce Cut

Monday.com (NASDAQ: MNDY ) stock fell Monday after the work management software company issued third-quarter revenue guidance below Wall Street expectations, overshadowing a second-quarter earnings and revenue beat. The company reported second-quarter revenue of $364.62 million, up 22% year over year and above the analyst consensus estimate of $355.22 million. Adjusted earnings of $1.48 per share topped the consensus estimate of $1.11. Monday.com generates revenue primarily through subscriptions to its cloud-based Work OS platform. Net dollar retention was 109% overall and 113% among customers with more than 10 users. The number of paid customers generating more than $50,000 in annual recurring revenue rose 31% year over year to 4,834. Adjusted operating margin improved to 17% from 15% a year earlier despite an approximately 210-basis-point foreign exchange headwind. Operating cash fl...