monday.com stock rises 80% amid AI agent pivot and layoffs

monday.com (Nasdaq: MNDY) has seen its share price climb approximately 81% since hitting a low in April. This recovery follows a period of volatility, including a decline during the SaaS market downturn earlier this year.

The company, led by co-CEOs Roy Mann and Eran Zinman, is transitioning from a work management platform to a system that executes work through AI agents. As part of this strategic shift toward AI-based products, the company announced the layoff of approximately 20% of its workforce, totaling about 620 employees, to reduce management layers.

Recently, monday.com launched a platform for voice-based AI agents designed to conduct conversations and close sales deals. The company is scheduled to release its third-quarter financial results on November 9, with analysts projecting revenue growth of 16.5% to $369 million.