MongoDB Inc. exceeded expectations with its latest financial results and optimistic outlook. Despite this positive news, the company’s shares experienced a 5% decline in Tuesday’s extended session.
Q3 Performance Highlights
In the fiscal third quarter, MongoDB reported a net loss of $29.3 million, or 41 cents per share, a significant improvement from the net loss of $84.9 million, or $1.23 per share, in the same quarter last year. On an adjusted basis, the company posted earnings per share of 96 cents, surpassing analysts’ expectations of 51 cents per share.
Furthermore, MongoDB’s revenue reached $433 million, marking a solid 30% increase compared to the previous year. This impressive result also exceeded the FactSet consensus estimate of $406 million.
CEO’s Thoughts
Expressing his confidence in the company’s performance, Chief Executive Dev Ittycheria stated, “MongoDB has undeniably positioned itself as an essential component within the technology infrastructure of any organization striving for sustainable competitive advantages through software development.” Ittycheria also emphasized MongoDB’s success in acquiring new workloads from both existing and new customers across various industries, geographies, and customer segments.
Projections for Q4
Looking ahead to the fiscal fourth quarter, MongoDB expects revenue to range between $429 million and $433 million. Furthermore, adjusted earnings per share are anticipated to be in the range of 44 cents to 46 cents. The FactSet consensus had projected revenue of $418 million and adjusted earnings per share of 37 cents.
With their impressive financial performance and positive outlook, MongoDB Inc. is poised for continued success in the database management sector.