As productivity software stocks’ Q2 earnings season wraps, let's dig into this quarters’ best and worst performers, including Asana (NYSE:ASAN) and its peers.
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 15 productivity software stocks we track reported a strong Q2; on average, revenues beat analyst consensus estimates by 6.89%, while on average next quarter revenue guidance was 10.2% above consensus. The market rewarded the results with the average return the day after earnings coming in at 16.7%.
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 very strong quarter for the company, with an exceptional revenue growth and a very optimistic guidance for the next quarter.
“In the second quarter we accelerated total revenue growth, continued to report strong customer growth and increased dollar-based net retention rates across the board," said Dustin Moskovitz, co-founder and chief executive officer of Asana.
The stock is up 15.3% since the results and currently trades at $104.49.
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 exceptional quarter for the company, with an impressive beat of analyst estimates and a strong revenue growth.
Monday.com pulled off the strongest analyst estimates beat, fastest revenue growth, and highest full year guidance raise among its peers. The stock is up 45.6% since the results and currently trades at $327.05.
Is now the time to buy Monday.com? Access our full analysis of the earnings results here, it's free.
Weakest Q2: Dropbox (NASDAQ:DBX)
Founded by the long-serving CEO Drew Houston and Arash Ferdowsi in 2007, Dropbox provides a file hosting cloud platform that helps organizations collaborate and share documents.
Dropbox reported revenues of $530.6 million, up 13.5% year on year, beating analyst expectations by 1.29%. It was weaker quarter for the company, with an improvement in gross margin but a slow revenue growth.
The stock is up 2.07% since the results and currently trades at $29.25.
Founded in 2002 by Zach Halmstad and Chip Pearson, right around the time when Apple began to dominate the personal computing market, Jamf (NASDAQ:JAMF) provides software for companies to manage Apple devices such as Macs, iPads, and iPhones.
Jamf reported revenues of $86.2 million, up 38.5% year on year, beating analyst expectations by 3.83%. It was very strong quarter for the company, with a very optimistic guidance for the next quarter.
The stock is up 4.01% since the results and currently trades at $38.52.
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 good quarter for the company, with a very optimistic guidance for the next quarter and an exceptional revenue growth.
The stock is down 14.5% since the results and currently trades at $68.75.
The author has no position in any of the stocks mentioned