Israeli software company monday.com surges 81% since April after cutting 20% of staff
Israeli software company monday.com saw its stock climb 80% since April.
The short version
- The company cut 20% of its workforce, about 620 employees.
- A new voice-based AI agent platform helped drive the recent recovery.
- The stock rose 6.4% on Friday to trade above $100.
Why it matters to you. For business owners watching software costs, automation is changing what teamwork looks like on the screen.
Watch your portfolio if you track tech stocks. Israeli work operating systems company monday.com just saw its share price jump 6.4% on Friday, capping a 17.9% weekly gain and an 81.1% surge since April, according to Globes. The stock has pushed back above the $100 price level after falling earlier this year.
But the climb came with a heavy cost for workers. The company, led by cofounders and co-CEOs Roy Mann and Eran Zinman, laid off 20% of its workforce, cutting about 620 employees to trim management layers and pivot to automated tools. At the same time, monday.com launched a new platform for voice-based AI agents designed to hold conversations and close sales deals.
The software maker provides a platform for work management and has shifted its model to execute work directly through artificial intelligence. Earlier this year, the stock plummeted during the downturn affecting cloud software providers. Now, analysts expect third-quarter revenue to grow 16.5% to $369 million when results land on November 9.
That is one way to cut overhead, but an expensive shift for the desks that cleared out.
