Add as a preferred source on Googlemonday.com Shares Fall More Than 9% After Outlook Miss as Needham Cuts Rating
The company issued its fiscal fourth-quarter outlook with third-quarter results. TD Cowen had already lowered its rating before the release, citing AI risks to paid search and search engine optimization.
monday.com Ltd. (MNDY) shares fell more than 9% Monday, Nov. 9, after the software company issued guidance below expectations, while Needham lowered its rating to Hold from Buy.
TD Cowen had also lowered its rating to Hold from Buy ahead of the results, citing concerns that AI could disrupt paid search and search engine optimization, channels it viewed as central to monday.com’s go-to-market strategy. The firm also cited greater disintermediation risk among small and midsize businesses in its earlier downgrade.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.