MongoDB shares rise as income progress accelerates
Dev Ittycheria, CEO of MongoDB
Adam Jeffery | CNBC
Database software maker MongoDB stocks rose up to 18% in expanded trading on Monday after fiscal third quarter results were released.
This is how the company did it:
- Merits: An adjusted loss of 11 cents per share compared to a loss of 38 cents per share expected by analysts, according to Refinitiv.
- Revenue: $ 226.9 million versus $ 205.2 million as analysts expected, Refinitiv said.
Revenue rose 50% year over year for the quarter ended October 31, compared to 44% growth in the previous quarter, according to a statement. Revenue from the company’s Atlas Cloud database service increased 84% from 83% in the previous quarter.
However, the company’s net loss rose to $ 81.3 million from $ 72.7 million in the year-ago quarter, with sales and marketing expenses accounting for more than half of quarterly revenue. Competitors include top cloud providers such as Amazon and Microsoft, as well as established database providers such as IBM and Oracle.
MongoDB has raised its forecast for full fiscal year 2022. It now expects adjusted net loss per share of 74 to 71 cents on revenue of $ 846.3 to $ 849.3 million, compared to a loss of $ 1.20 to $ 1.13 on revenue of 805, $ 0 to $ 811.0 million. Analysts had expected a loss of $ 1.13 per share and sales of $ 813.0 million.
Travel and other business expenses came in lower than the company had forecast as the Covid pandemic continued through the quarter, MongoDB chief operations and finance director Michael Gordon said in a conference call with analysts.
Coinbase is shifting more workloads to the Atlas service, said MongoDB CEO Dev Ittycheria.
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SEE: MongoDB CTO on Benefits of Software Company, Remote and Hybrid Working Solutions