Monday.com Ltd. (NASDAQ: MNDY) shares fell more than 15% in intra-day trading Monday after the software company's fourth-quarter guidance came in below expectations, offsetting a strong third-quarter earnings beat.

The firm reported third-quarter earnings of $1.16 per share, topping forecasts of $0.88. Revenue rose to $316.9 million, exceeding the consensus estimate of $312.3 million. Non-GAAP operating income reached $47.5 million, with a 15% operating margin.

For the fourth quarter, Monday.com projected revenue between $328 million and $330 million, falling short of Wall Street expectations of $333.8 million. The company forecast non-GAAP operating income of $36 million to $38 million, implying an 11%-12% margin.

For the full year 2025, management reiterated revenue guidance of $1.23 billion, in line with analyst consensus. Non-GAAP operating income was expected between $167 million and $169 million, with a margin near 14%. Adjusted free cash flow was projected at $330 million to $334 million, representing a 27% margin.