Business
monday.com Announces Second Quarter 2023 Results
Second quarter revenue of $175.7 million grew 42% year over year Number of customers with more than $50k ARR grew 63% year over year Successfully completed
About this update from Monday.com Ltd.
[{"type":"text","content":"\nSecond quarter revenue of $175.7 million grew 42% year over year\n\n\nNumber of customers with more than $50k ARR grew 63% year over year\n\n\nSuccessfully completed and released mondayDB 1.0\n\n\nLaunched the monday AI Assistant and introduced expanded AI capabilities\n\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 its second quarter ended June 30, 2023.\n\n\nManagement Commentary:\n\n\n“We saw healthy customer demand in the second quarter, reflecting our commitment to rapid innovation,” said monday.com founder and co-CEO, Roy Mann. “The official release of the first phase of mondayDB marks a significant transformation of our platform, providing customers with faster boards, and future releases will provide even more speed and scalability improvements. We also launched our AI Assistant in the quarter and are excited about the opportunities we see ahead with AI.”\n\n\n“We continue to deliver superior value to our customers as we strengthen our product suite and introduce expanded features and functionality to the platform,” said monday.com founder and co-CEO, Eran Zinman. “monday Sales CRM is seeing strong momentum as we roll it out to our existing customer base, and the response to monday dev has been overwhelmingly positive since transitioning the product out of beta. We remain highly confident that our multi-product strategy will allow us to support a wider variety of use cases for customers of all sizes.”\n\n\n“We are encouraged by our second quarter results, with our strong execution resulting in quarterly records for our free cash flow and non-GAAP operating income,” said Eliran Glazer, monday.com CFO. “We continue to demonstrate our ability to deliver sustainable growth despite the challenging macroeconomic environment, and the strength of our results through the first half of the year give us the confidence to raise our 2023 guidance.”\n\n\nSecond Quarter Fiscal 2023 Financial Highlights:\n\n\n\nRevenue was $175.7 million, an increase of 42% year-over-year, or 43% on an FX-adjusted basis.\n\n\n\nGAAP operating loss was $12.2 million compared to a loss of $46.2 million in the second quarter of 2022; GAAP ...