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Q2 Earnings Recap: Monday.com (NASDAQ:MNDY) Tops Project Management Software Stocks


Adam Hejl /
2021/10/08 8:12 am EDT
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Quarterly earnings results are a good time to check in on a company’s progress, especially compared to other peers in the same sector. Today we are looking at Monday.com (NASDAQ:MNDY), and the best and worst performers in the project management software group.

The future of work requires teams to collaborate across departments and remote offices. Project management software is both driving this change and benefiting from it. While the trend of collaborative work management has been strong for a while, the Covid pandemic has definitely accelerated the demand for tools that allow work to be done remotely.

The 4 project management software stocks we track reported a a strong Q2; on average, revenues beat analyst consensus estimates by 8.49%, while on average next quarter revenue guidance was 8.85% above consensus. The market rewarded the results with the average return the day after earnings coming in at 17%.

Best Q2: Monday.com (NASDAQ:MNDY)

Founded in Israel in 2014, and named after the dreaded first day of the work week, Monday.com makes software as a service platforms that helps teams plan and track work efficiently.

Monday.com reported revenues of $70.6 million, up 93.6% year on year, beating analyst expectations by 13.6%. It was a stunning quarter for the company, with an impressive beat of analyst estimates and an exceptional revenue growth.

“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,” said monday.com founder and co-CEO, Roy Mann.

Monday.com Total Revenue

Monday.com achieved the strongest analyst estimates beat and fastest revenue growth of the whole group.

The stock is up 40.7% since the results and currently trades at $345.

We think Monday.com is a good business, but is it a buy today? Read our full report here, it's free.

Asana (NYSE:ASAN)

Founded in 2008 by Facebook’s co-founder Dustin Moskovitz, Asana is a cloud-based project management software, where you can plan and assign tasks to employees and monitor and discuss progress of work.

Asana reported revenues of $89.4 million, up 71.9% year on year, beating analyst expectations by 8.77%. It was a very strong quarter for the company, with an exceptional revenue growth and a very optimistic guidance for the next quarter.

Asana Total Revenue

Asana pulled off the highest full year guidance raise among its peers. The company added 1,534 enterprise customers paying more than $5,000 annually to a total of 12,806.

The stock is up 41% since the results and currently trades at $109.

Is now the time to buy Asana? Access our full analysis of the earnings results here, it's free.

Atlassian (NASDAQ:TEAM)

Founded by Australian co-CEOs Mike Cannon-Brookes and Scott Farquhar in 2002, Atlassian provides software as a service that makes it easier for large teams of software developers to manage projects, especially in software development.

Atlassian reported revenues of $559.5 million, up 29.9% year on year, beating analyst expectations by 6.51%. It was a strong quarter for the company, with a very optimistic guidance for the next quarter.

The stock is up 47.7% since the results and currently trades at $394.53.

Read our full analysis of Atlassian's results here.

Smartsheet (NYSE:SMAR)

Founded in 2005, Smartsheet (NYSE:SMAR) is a software as a service platform that helps companies plan, manage and report on work.

Smartsheet reported revenues of $131.7 million, up 44.4% year on year, beating analyst expectations by 4.99%. It was a very strong quarter for the company, with a very optimistic guidance for the next quarter.

The company added 765 enterprise customers paying more than $5,000 annually to a total of 13,420.

The stock is down 19.4% since the results and currently trades at $66.73.

Read our full, actionable report on Smartsheet here, it's free.

The author has no position in any of the stocks mentioned