1.7 C
New York

MongoDB (MDB) earnings Q3 2023

Published:

Dev Ittycheria, CEO of MongoDB

Adam Jeffery | CNBC

MongoDB shares rose 27% in prolonged trading on Tuesday after the database software maker surprisingly swung to a profit.

Here’s how the corporate did:

  • Earnings: 23 cents per share, adjusted, vs. a lack of 17 cents per share as expected by analysts, in accordance with Refinitiv.
  • Revenue: $333.6 million, vs. $303.4 million as expected by analysts, in accordance with Refinitiv.

MongoDB’s revenue rose 47% year-over-year within the quarter that ended on Oct. 31, in accordance with a statement. Its net loss widened to $84.8 million, compared with a net lack of $81.3 million within the year-ago quarter.

The corporate said it had 39,100 customers at the tip of the quarter, higher than the 38,900 average estimate amongst analysts polled by StreetAccount. MongoDB’s cloud database service called Atlas represents 63% of total revenue.

“The strength in our business was driven by improved Atlas consumption trends and continued strength in recent business activity,” CEO Dev Ittycheria said within the statement. Sequential gains got here within the mid-market and at enterprises in Europe in what appears to be an emerging seasonal trend, Michael Gordon, MongoDB’s operating chief and finance chief, said on a conference call with analysts.

The outperformance is welcome news for software investors, who’ve seen troubling data points of late. Last week, Salesforce said clients have gotten more cautious in preparation of worsening economic conditions. The corporate broke from tradition and avoided providing a forecast for the approaching yr.

Throughout the quarter, MongoDB said it might make it easier for developers to make use of pay-as-you-go pricing for the corporate’s cloud database on Microsoft’s Azure cloud.

Executives lifted their view for the complete 2023 fiscal yr. They now see adjusted net income of 29 cents to 31 cents per share, in comparison with previous guidance that called for a lack of 35 cents to twenty-eight cents per share. For revenue, MongoDB called for about $1.26 billion, compared with its prior expectation of $1.2 billion. Analysts polled by Refinitiv had expected an adjusted net lack of 31 cents per share on $1.21 billion in revenue.

Gordon said the corporate expects Atlas consumption growth to slow consequentially within the fiscal fourth quarter.

Before the after-hours jump, MongoDB shares were down 73% this yr, underperforming the S&P 500 index, which has declined 17% over the identical period.

WATCH: Corporations like MongoDB and Atlassian are more defensive places to be, says Citi’s Radke

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img