What changed
The release shows monday.com took in $364.6 million in the second quarter, up 22 percent from a year earlier, which means the business is still growing quickly.
The other line grew slowly. Paying teams above ten users grew just 6 percent from last year, which means growth came from existing accounts paying more, not from new teams arriving.
The charge for writing off office space secured for hiring that never happened.
Why it matters
For anyone whose job is coordination, that gap is a capability signal, because employers are buying software that absorbs the work instead of adding people to do it.
Monday.com says it took a $21.4 million charge this quarter, versus no such charge a year ago, writing off office space secured for hiring that never happened, which means the plan for more people is officially closed. Taken together, the two lines suggest software is absorbing coordination work while headcount plans quietly close.
What to watch
Watch the third quarter guide of 16 to 17 percent growth, down from this quarter's 22, which means the slowdown is already scheduled; if the print misses even that, demand would be cooling, not just settling.
Money from AI products doubled from the first quarter yet remains 17 percent of new subscription revenue added, less than a fifth, which means the AI business is real but small. Whether it gets a dollar figure next quarter is not yet known.
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