Dev Ittycheria, CEO of MongoDB
Adam Jeffery | CNBC
MongoDB Shares rose 27% in extended trading Tuesday after the database software maker surprisingly turned a profit.
Here’s how the company did:
- Earnings: 23 cents per share, adjusted, versus a loss of 17 cents per share as expected by analysts, according to Refinitiv.
- he won: $333.6 million, compared to $303.4 million as expected by analysts, according to Refinitiv.
MongoDB revenue rose 47% year-over-year in the quarter ended Oct. 31, according to a statement. Its net loss widened to $84.8 million, compared to a net loss of $81.3 million in the same quarter last year.
The company said it had 39,100 customers at the end of the quarter, better than the median estimate of 38,900 among analysts polled by StreetAccount. MongoDB’s cloud database service called Atlas accounts for 63% of all revenue.
“Strength in our business was driven by improving Atlas consumption trends and continued strength in new business activity,” CEO Dev Ittycheria said in the statement. The sequential gains have come in mid-market and in companies in Europe in what appears to be an emerging seasonal trend, Michael Gordon, MongoDB’s chief operating officer and chief financial officer, said on a conference call with analysts.
The outperformance is welcome news for software investors, who have seen troubling data points lately. last week, sales force He said that customers have become more cautious in preparation for the deterioration of economic conditions. The company deviated from tradition and avoided providing forecasts for the coming year.
During the quarter, MongoDB He said It will make it easier for developers to use the pay-as-you-go pricing of the company’s cloud database Microsoft Azure cloud.
The executives raised their view for the entire 2023 fiscal year. They now see adjusted net income of 29 cents to 31 cents per share, compared to previous guidance that called for a loss of 35 cents to 28 cents per share. For revenue, MongoDB claimed about $1.26 billion, compared to its previous forecast of $1.2 billion. Analysts polled by Refinitiv had forecast an adjusted net loss of 31 cents per share on revenue of $1.21 billion.
Gordon said the company expects Atlas consumption growth to slow as a result in the fiscal fourth quarter.
Before the post-hours jump, MongoDB shares were down 73% this year, underperforming the S&P 500, which fell 17% over the same period.
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