Good Evening! On Monday, performance was mixed, but resulted in little change. However, investors are preparing for an important U.S. inflation report and a week filled with possible information on consumer behavior in light of elevated borrowing costs.
The S&P 500 had a rough start but almost pulled ahead, down only 0.08% of the opening. The NASDAQ had a similar story but finished 0.22% below the opening. However, the Dow Jones did end the day up by 0.16%.
THIS IS A MONDAY WE CAN GET EXCITED ABOUT!
The stock price of Monday.com (MNDY) increased by 10% today after the announcement of robust quarterly performance by the work management software firm. Let’s see those numbers!
- Revenue: $189.20 Million vs. $182.50 Million Expected
- Earnings Per Share: $0.64 vs. $0.21 Expected
So, what helped? The net-dollar retention rate (NDRR) exceeded 110%, indicating that on average, current customers spent an additional 10% on Monday’s products after their first year. The statistic increased further for bigger clients, with NDRR reaching 115% for both customers with over 10 users and those producing more than $50,000 in annual recurring revenue.
Looking forward! Due to its excellent performance in the third quarter, the firm has revised its full-year 2023 forecast. The new perspective anticipates sales between $723 million and $725 million, reflecting a growth rate of 39% to 40% compared to 2022. This is an increase over the prior guidance, which projected a range of $713 million to $717 million. However, the majority of analysts are only projecting 2023 sales to be around $715 million. But we will see next quarter!
TIPPING POINT?
According to a recent survey by the Pew Research Center, a majority of people (72%) believe that more businesses now consider the customary act of tipping to be mandatory than they did five years ago. This trend seems to be confusing the American population.
But what are they confused about? Despite the increasing number of Americans being requested to tip, only a small number know the appropriate timing and manner of tipping.
- According to the survey, only 33% of individuals indicate that it is very straightforward to determine both the appropriate amount and how to tip for various sorts of services.
- On top of that, approximately 21% of Americans believe that it’s a matter of personal choice, while 29% see it as more of an obligation.
- However, 49% of individuals indicate that their response varies depending on the service, highlighting the absence of a uniform set of guidelines or expectations.
Would you like to leave a tip? The rise of automated prompts in businesses such as coffee shops provides customers with more opportunities to offer tips, leading to a feeling of exhaustion. Even some automated kiosks now present customers with tip prompts.