Business
monday.com Announces Second Quarter 2024 Results
Second quarter revenue of $236.1 million grew 34% year over year Achieved GAAP operating profitability and record non-GAAP operating income Closed an
About this update from Monday.com Ltd.
[{"type":"text","content":"\nSecond quarter revenue of $236.1 million grew 34% year over year\n\n\nAchieved GAAP operating profitability and record non-GAAP operating income\n\n\nClosed an 80,000-seat agreement, marking the largest deal in company history\n\n\n NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--\nmonday.com (NASDAQ: MNDY), the multi-product platform that runs all core aspects of work, today reported financial results for its second quarter ended June 30, 2024.\n\n\nManagement Commentary:\n\n\n“Q2 marks three years since our debut on the Nasdaq, and we’re more excited than ever about the opportunities we see ahead,” said monday.com co-founders and co-CEOs, Roy Mann and Eran Zinman. “We continue to drive strong and efficient growth, while constantly innovating to ensure that our go-to-market strategy, products, and platform can effectively scale as our customers grow. In Q2, these ongoing investments enabled us to more than triple our largest seat count as we continue to focus on expanding upmarket.”\n\n\n“monday.com delivered a strong second quarter, and we’re very encouraged by the progress we continue to make against both our short- and long-term financial goals,” said Eliran Glazer, monday.com CFO. “Most notably, we were able to deliver exceptional efficiency in Q2, achieving our first quarter of GAAP operating profitability. These results demonstrate not only our highly effective execution, but the strong demand we continue to see even through a challenging macroeconomic environment.”\n\n\nSecond quarter Fiscal 2024 Financial Highlights:\n\n\n\nRevenue was $236.1 million, an increase of 34% year-over-year.\n\n\n\nGAAP operating income was $1.8 million compared to a loss of $12.2 million in the second quarter of 2023; GAAP operating margin was 1% compared to negative 7% in the second quarter of 2023.\n\n\n\nNon-GAAP operating income was $38.4 million compared to $16.6 million in the second quarter of 2023; non-GAAP operating margin was 16%, compared to 9% in the second quarter of 2023.\n\n\n\nGAAP basic and diluted net income per share was $0.29 and $0.27, respectively, compared to GAAP basic and diluted net loss per share of $0.15 in the second quarter of 2023; non-GAAP basic and diluted net income per share was $0.99 and $0.94, respectively, compared to non-GAAP basic and diluted net income per share of $0.43 and $0.41, respectively, in th...