monday.com, a leading work management platform, has announced financial results and achievements for the second quarter of 2024.
monday.com reported a revenue of $236.1 million, a significant 34 percent increase year-over-year, in April-June. The company also achieved an operating income of $1.8 million, a marked improvement from the $12.2 million loss recorded in the same quarter of 2023.
The number of paid customers with more than 10 users reached 57,203, reflecting a 15 percent increase from 49,936 as of June 30, 2023.
The number of paid customers with more than $50,000 in Annual Recurring Revenue (ARR) grew by 43 percent to 2,713, up from 1,892 a year earlier.
The number of paid customers with more than $100,000 in ARR surged by 49 percent to 1,009, compared to 677 as of June 30, 2023.
Additionally, monday.com closed its largest deal to date with a multinational healthcare company, expanding its largest seat count to an impressive 80,000 seats.
Looking ahead, monday.com has provided optimistic guidance for the third quarter of fiscal year 2024, expecting total revenue between $243 million and $247 million, which represents a year-over-year growth of 28 percent to 31 percent. For the full year 2024, the company anticipates total revenue in the range of $956 million to $961 million, reflecting an annual growth of 31 percent to 32 percent.
Technological Advancements and Product Expansion
monday.com continues to innovate with the launch of mondayDB 2.0, which significantly enhances scalability. This upgrade allows customers to manage boards with up to 100,000 items and linked items, as well as dashboards with up to 500,000 items. Additionally, AI remains a top priority for the company.
In mid-2023, monday.com deployed a third-party GenAI chatbot for managing chat-based customer service tickets, which has automatically resolved around 50 percent of tickets, leading to increased efficiency and a reduction in reliance on external support. This trend is expected to continue, enhancing the company’s ability to meet customer needs through 2025 and beyond.
The company is also leveraging GenAI to improve user experience with new features such as auto-generated action items, threat summaries, and enhanced text extraction capabilities. monday.com has made significant strides in expanding its product suite, with monday CRM, launched in 2022, now exceeding 20,000 accounts.
In Q2 2024, monday.com introduced several new features, including email engagement tracking and timeline reminders to enhance monday CRM’s functionality. For larger accounts, the company launched a portfolio solution for enterprise work management, which has seen strong initial adoption. Additionally, monday dev continues to resonate with customers, with the introduction of a Roadmap tracker that allows users to visualize company epics and track progress.
Lastly, monday.com announced that its newest product, monday service, is currently in beta testing and is scheduled for full release by the end of 2024.
