By Owen Tucker-Smith
Wall Street celebrated monday.com during Monday trading after the project management software company reported rising revenue and doubled down on its commitment to AI.
Shares rose 26% to $326.58, the company's highest closing price over the past year. The stock is up 45% over the past six months and 39% this year.
The Israeli company reported a 32% increase in fourth-quarter revenue Monday morning. It also announced its "AI Vision," which includes AI-powered functions for analyzing data and identifying patterns.
The company said its AI service ticket resolution platform "monday service" was out of beta and available to all customers. The AI leans on past ticket history and allows service teams to focus on other tasks, the company said. It also categorizes tickets and increases ticket handling speed. It launched in beta in January 2024.
"By embedding intelligence into the products our customers already know, use, and love, AI will accelerate our mission to democratize the power of software," said Daniel Lereya, chief product and technology officer at monday.com.
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(END) Dow Jones Newswires
February 10, 2025 16:41 ET (21:41 GMT)
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