Monday.com Ltd. reported second-quarter revenue of $299.0 million, up 27% from a year earlier and ahead of the $293 million analysts expected. Adjusted earnings rose 16% to $1.09 a share, comfortably topping the $0.86 consensus, while the company booked a GAAP operating loss of $11.6 million, reversing a small profit in the prior-year period. Non-GAAP operating income climbed to $45.1 million for a 15% margin. The work-management software provider said its net dollar retention held at 111% and the number of customers generating more than $100,000 in annual recurring revenue jumped 46% to 1,472. The firm also disclosed that its CRM product has surpassed $100 million in annual recurring revenue, three years after launch. For the current quarter, management projected sales of $311 million to $313 million, roughly in line with Wall Street estimates. Full-year guidance calls for revenue of $1.224 billion to $1.229 billion—about 26% growth—and non-GAAP operating income of up to $158 million. Adjusted free cash flow is expected to reach as much as $326 million. Despite beating consensus estimates on both the top and bottom lines, Monday.com’s shares fell as much as 29% in early U.S. trading, recently trading about 25% lower, as investors focused on the largely in-line growth outlook.