As AI drags down software company shares, collaboration software firm Monday.com shares plunged 19 percent, CNBC reported on Sunday.
As Monday.com issued a weaker-than-expected outlook, concerns are growing that AI is shaking software business models, CNBC said.
Israel-based project management platform Monday.com posted fourth-quarter revenue of $333.9 million, up 25 percent from a year earlier. It forecast first-quarter revenue of $338 million to $340 million, below market expectations of $343 million. Its full-year revenue forecast of $1.452 billion to $1.462 billion also fell short of the market estimate of $1.48 billion.
Monday.com executives moved to defend the company by stressing stronger AI features. Co-CEO Eran Zinman (에란 진만) said, "There is currently no direct impact from AI companies, but we are shifting the product to be AI-centric."
Chi-gyu Hwang
delight@d-today.co.kr