💼 monday. com Ltd. (NASDAQ:MNDY) continues its impressive rise, establishing itself as a key player in project and work management software. Its no-code Work OS platform has become essential for businesses streamlining workflows. This demand led to a 34% year-over-year revenue growth in Q2 2024, especially among large enterprise clients who appreciate its adaptability.
🚀 A major milestone was reached this quarter as monday. com hit a $1 billion annual revenue run rate. The company added 222 new enterprise accounts, each generating over $50,000 in annual recurring revenue (ARR), bringing the total to 2,713, a 43% increase YoY. A European pharmaceutical firm expanded its operations, increasing its usage to an unprecedented 80,000 seats, surpassing last year’s 25,000-seat record, showing monday’s scalability.
📊 The launch of mondayDB 2.0 in Q2 played a critical role in this success. This update boosted scalability, allowing customers to manage up to 100,000 items on a board and track 500,000 items on dashboards, a tenfold improvement. This positions monday. com as essential for enterprises managing complex projects and large-scale operations.
📈 monday. com’s new pricing model, rolled out in Q1 2024, has also contributed to growth. Adopted by 40% of the customer base, it’s expected to add $25 million in revenue this year. Despite the price hike, churn remains lower than expected, highlighting the platform’s value to customers, even with rising costs.
💡 monday. com’s new product offerings also drive growth. Monday CRM reached over 20,000 customers, reflecting a 150% YoY increase, while monday dev grew 250% to 2,719 accounts. These expansions fuel momentum as monday. com deepens its presence in the enterprise market, with product diversification and strong customer retention positioning it for continued success.
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