Good day. My name is Desiree and I'll be your conference operator today. At this time I would like to welcome everyone to monday.com's third quarter fiscal year 2024 earnings conference call. I would like to turn the call over to monday.com's Vice President of Investor Relations, Mr. Byron Stephen. Please go ahead.
Hello everyone and thank you for joining us on today's conference call to discuss the financial results for monday.com's third quarter fiscal year 2024. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com and Eliran Glazer, monday.com CFO. We released our results for the third quarter fiscal 2024 earlier today. You can find our quarterly shareholder letter along with our investor presentation and a replay of today's webcast under the News and Events section of our IR website at ir.monday.com. Certain statements made on the call today will be forward-looking statements which reflect management's best judgment based on currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our Earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements.
Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in the Earnings Release and the earnings presentation for today's call, which are posted on our Investor Relations website. Now let me turn the call over to Roy.
Thank you, Byron, and thank you everyone for joining us today. We're fresh off another strong quarter in Q3 highlighted by improving retention trends, strong financial performance, and robust product development. This quarter also marked a significant milestone for monday.com, as we surpassed $1 billion in annual recurring revenue. Reaching the $1 billion ARR milestone is not just a number; it's a pivotal moment in our company's journey, and we are ready to build on that momentum.
With a total addressable market of over $100 billion growing 14% annually across four markets , work management, CRM, service management and software development, there is a substantial opportunity ahead to drive our next stage growth. We remain committed to deepening and expanding our product offering and increasing our global presence as the landscape of work evolves. We are determined to stay ahead of the curve. By continuously investing in technology, exploring new markets and fostering a culture of agility, monday.com is not just keeping pace with the industry, we are shaping its future. Before I turn it over to Eran, I'd like to cover a few changes in our management team. First, we are pleased to announce the appointment of Adi Dar as Chief Operating Officer.
With over 20 years of experience driving sustainable growth in global tech companies, Adi Dar brings significant expertise to our executive team and has already made a strong impact since joining us a few months ago. On a different note, we would like to share that our Chief Revenue Officer Yoni Osherov has informed us that he will depart the CRO role at the end of December. Since joining in 2017 as VP Global Sales and Marketing and becoming the CRO in 2022, Yoni has been instrumental in developing our sales and partner channels. During Yoni's tenure, we have seen remarkable growth with ARR increasing from $10 million to over $1 billion. We are deeply grateful for his contribution and wish him all the best in his future endeavors.
We are conducting a global search for Yoni's successor and he will continue to serve as an advisor until the CRO is appointed. Let me now turn it over to Eran to walk you through some of our product highlights for the quarter.
Thank you, Roy. I'm pleased to share highlights from our recent flagship user conference Elevate, which took place in London, New York City, and Sydney. This year's event was our largest ever with attendance doubling compared to last year. Thank you to all who joined us. For those who could not attend in person, we invite you to participate in Elevate Online on December 4th. Our Elevate conference provided us with a platform to showcase our latest product innovations. This year we featured monday AI, which includes no-code AI building blocks that customers can tailor to their specific business needs.
We're excited to report initial strong adoption with a remarkable 150% increase in the use of AI blocks since Q2. Looking ahead, monday AI will be integrated throughout our entire product suite, enhancing functionality across the platform. We also highlighted our second largest product, monday CRM, and our vision to expand its capabilities beyond sales, fostering collaboration across various revenue teams. Upcoming features will include email marketing functionality enabling teams to manage their campaigns directly within monday CRM. Additionally, we're excited to demo our latest product, monday Service, at Elevate. Although still in beta, monday Service has shown promising cross-sell potential and it's on track for release by the end of 2024. As we expand our product offerings and support our customers' growth, we are committed to building a robust platform for scalable work. At Elevate, we announced the next iteration of mondayDB is now live.
mondayDB 2.0 is all about scale and allows boards with up to 100,000 items and linked items and a dashboard with 500,000 items. Lastly, we are pleased to report that monday Work Management continues to gain significant traction with enterprise customers in Q3. Our second largest customer increased their seat count from 25,000 to 60,000 as part of their initiative to simplify and consolidate the technology stack. This represents a remarkable 24-fold increase in their seat count since Q2 2022. With that, I'll now turn over to Eliran to cover our financials and guidance.
Thank you, Eran, and thank you to everyone for joining our call. Q3 was another strong quarter for monday.com with solid revenue, growth and profitability and improving retention. We are pleased that fiscal year 2024 is on target to be above our base case guidance outlined at our December Investor Day.