monday.com Ltd. (NASDAQ: MNDY), a leading work operating system platform, announced its financial results for the third quarter of 2024 on November 11, 2024. The company reported a significant year-over-year revenue increase of 33% to $251.0 million and surpassed a major milestone of $1 billion in annual recurring revenue (ARR). The net dollar retention rate improved to 111%, indicating strong customer growth and retention. Notably, the company's second-largest customer more than doubled their seat count to 60,000. Despite these gains, the company experienced a GAAP operating loss of $27.4 million, which was a larger loss compared to the third quarter of 2023. However, non-GAAP operating income was up to $32.2 million, maintaining a non-GAAP operating margin of 13%. The company also announced leadership changes, with...Show More

monday.com Ltd. (NASDAQ: MNDY), a leading work operating system platform, announced its financial results for the third quarter of 2024 on November 11, 2024. The company reported a significant year-over-year revenue increase of 33% to $251.0 million and surpassed a major milestone of $1 billion in annual recurring revenue (ARR). The net dollar retention rate improved to 111%, indicating strong customer growth and retention. Notably, the company's second-largest customer more than doubled their seat count to 60,000. Despite these gains, the company experienced a GAAP operating loss of $27.4 million, which was a larger loss compared to the third quarter of 2023. However, non-GAAP operating income was up to $32.2 million, maintaining a non-GAAP operating margin of 13%. The company also announced leadership changes, with Adi Dar appointed as Chief Operating Officer and Yoni Osherov stepping down as Chief Revenue Officer at the end of December 2024. For the fourth quarter of fiscal year 2024, monday.com expects total revenue between $260 million to $262 million and a non-GAAP operating income of $29 million to $31 million. The full-year forecast anticipates a total revenue of $964 million to $966 million and a non-GAAP operating income of $121 million to $123 million.