What happened Shares of work-management specialist Monday.com (NASDAQ: MNDY) are soaring today, up by 19% as of 11:40 a.m. ET, after the company reported financial results for the second quarter of 2022. Q2 figures came in ahead of forecasts and guidance surpassed expectations, much to investors' delight. So what Monday.com generated second-quarter revenue of nearly $124 million, up an impressive 75% year over year. This easily beat management's high-end forecast of $119 million. And it's important to note that this wasn't an easy comparison period: Last year's Q2 revenue grew 94% from the prior-year quarter, meaning Q2 2022 revenue was up an astounding 239% on a two-year basis. Given the company is a subscription-as-a-service (SaaS) business, there are various customer metrics that Monday.com investors should pay attention to, and all were encouraging in Q2. For example, customers generating over $50,000 in annual recurring revenue soared 147% year over year. And the net dollar retention rate (a measure of spending from customers this year versus those same customers last year) was 125%, better than last year's 111%. Now what For 2022, Monday.com management now expects to generate revenue of $500 million at the midpoint of guidance, up about 62% from 2021. This is an increase from the midpoint of previous revenue guidance of $490 million. When companies raise guidance like this, the market typically loves it, and that was true of Monday.com stock today. One thing for investors to monitor is Monday.com's ongoing losses. The company has nearly $114 million in operating losses through the first two quarters of 2022, with its largest line item (by far) being sales and marketing. For now, this isn't too big of a concern because it's working: The company's spending is resulting in world-class growth. But shareholders will want to pay attention nonetheless just in case growth starts significantly decelerating before management is willing to cut back on marketing spend. 10 stocks we like better than monday.com Ltd.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and monday.com Ltd. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of July 27, 2022 Jon Quast has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends monday.com Ltd. The Motley Fool has a disclosure policy.Source