MongoDB shares jump as revenue growth accelerates

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  • Revenue growth accelerated, including the rapidly growing Atlas cloud services category.
  • Sales and marketing spend continues to rise.

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Shares of database software maker MongoDB were up 18% in extended trading Monday after releasing fiscal third-quarter results.

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Here’s how the company did it:

  • Earnings: According to Refinitiv, it lost 11 cents per share, adjusted, versus a loss of 38 cents per share, as expected by analysts.
  • Revenue: According to Refinitiv, $226.9 million, versus $205.2 million expected by analysts.

Revenue grew 50% year-on-year in the quarter ended October 31, compared to a 44% increase in the previous quarter, according to a statement. Revenue from the company’s Atlas cloud database service grew 84%, compared to an 83% increase in the previous quarter.

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But the company’s overall net loss widened 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 database incumbents such as IBM and Oracle.

MongoDB gave its guidance for the full 2022 fiscal year. It now expects adjusted net loss per share of 74 cents to 71 cents on $846.3 million to $849.3 million in revenue of $805.0 million to $811.0 million, with a loss of $1.20 to $1.13 in revenue. Analysts were expecting a loss of $1.13 per share and $813.0 million in revenue.

Executives will discuss the results on a conference call beginning at 5 p.m. ET.

This is breaking news. Please check back for updates.

Watch: MongoDB CTO on Software Company Benefits, Remote and Hybrid Work Solutions

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