monday.com announced its third-quarter 2024 financial results, reporting revenue of $251.0 million, which represents a 33% increase year-over-year. The company also achieved a significant milestone by surpassing $1 billion in annual recurring revenue (ARR). The net dollar retention rate stood at 111%, indicating strong customer retention and expansion.
The company's non-GAAP operating income for the quarter was $30.9 million, resulting in a 12% operating margin. Net income for Q3 2024 reached $23.0 million, with diluted earnings per share of $0.43. Additionally, monday.com's second-largest customer more than doubled their seat count to 60,000, demonstrating robust enterprise traction.
In leadership changes, Adi Dar was appointed as Chief Operating Officer (COO), bringing over 20 years of experience to the executive team. Concurrently, Yoni Osherov, monday.com’s Chief Revenue Officer (CRO), announced his decision to step down from his role at the end of December 2024. For the fourth quarter of fiscal year 2024, monday.com expects revenue in the range of $260 million to $262 million, and for the full year 2024, revenue is projected between $964 million and $966 million.
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