Why Monday.com Sank Today
Monday.com reported a solid beat, but forward guidance and other imperfections caused a sell-off amid this year's "SaaS-pocalypse"
Overview
Shares of enterprise software company Monday.com (NASDAQ: MNDY) sank 6.2% on Monday as of 3:50 p.m. EDT.
Monday.com is an enterprise software company that offers productivity, workflow, customer service, customer surveys, customer relationship management, and other software building blocks for businesses worldwide. As such, the stock has been caught up in this year's "SaaS-pocalypse," in which software stocks have sold off hard on AI-related disruption fears, almost regardless of current business performance.
Details
As such, stocks like Monday.com tend to sell off even on strong earnings reports if one or two metrics come up short. That appears to be the case today.
Source
Originally published at www.fool.com.