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Despite reporting a robust third-quarter financial result last month, MNDY’s shares have dipped 27.9% over the past month. Its ARR grew 231% year-over-year, while its net dollar retention rate for customers with more than 10 users was more than 130%.
However, MNDY’s sky-high valuation has rattled investors. Although its strong top-line growth, driven by the growing adoption of its Work OS, and the launch of My Work, should help accelerate its user growth, competition from heavyweight software players such as Adobe, Inc. (NASDAQ:ADBE) and Microsoft Corp . (NASDAQ:MSFT) could cause its shares to retreat further.
