Business
monday.com Announces Second Quarter 2021 Results
Second quarter revenue growth accelerated to 94% year over year Net-dollar-retention rate for customers with 10+ users was over 125% Introduces strong Q3 and
About this update from Monday.com Ltd.
[{"type":"text","content":"\nSecond quarter revenue growth accelerated to 94% year over year\nNet-dollar-retention rate for customers with 10+ users was over 125%\nIntroduces strong Q3 and fiscal year guidance\nAnnounced monday workdocs, a new capability that turns documents into actionable workflows\n\n NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--\nmonday.com (NASDAQ: MNDY), a work operating system (Work OS) where organizations of any size can create the tools and processes they need to manage every aspect of their work, today reported financial results for the second quarter of 2021 ended June 30, 2021.\n\nManagement Commentary:\n\n“We delivered strong results in our first quarter as a public company, as strong execution and expanding adoption of monday.com Work OS drove total revenue growth of 94%. We are pleased with the momentum in our business that demonstrates continued high growth at scale,” said monday.com founder and co-CEO, Roy Mann. “monday.com Work OS is the leader in the low-code no-code market, and our business is accelerating as we continue to expand platform usage into use cases such as operations, project management, CRM, finance, marketing, HR, and IT,” said monday.com founder and co-CEO, Eran Zinman.\n\n“Rapid growth in the second quarter was driven by large expansions within our existing base and strong growth upmarket as we continue to see momentum in Enterprise,” said Eliran Glazer, monday.com CFO. “While we have made tremendous progress in the last few years, we believe that we are still in the very early stages of our growth as a company, and our guidance for the balance of 2021 suggests a strong second half of the year as we continue to drive fundamental improvements to the future of work and collaboration for companies of all sizes globally.”\n\nSecond Quarter Fiscal 2021 Financial Highlights:\n\n\nRevenue was $70.6 million, an increase of 94% year-over-year.\n\n\nGAAP operating loss was $27.5 million compared to a loss of $28.2 million, in the second quarter of 2020; GAAP operating margin was negative 39%, compared to negative 77% in the second quarter of 2020.\n\n\nNon-GAAP operating loss was $9.9 million compared to a loss of $14.9 million, in the second quarter of 2020; non-GAAP operating margin was negative 14% compared to negative 41%, in the second quarter of 2020.\n\n\nGAAP net loss per basic and diluted share was $1.6...