Here’s how the company did:
Earnings: 23 cents per share, adjusted, vs. a loss of 17 cents per share as expected by analysts, according to Refinitiv.Revenue: $333.6 million, vs. $303.4 million as expected by analysts, according to Refinitiv.
MongoDB’s revenue rose 47% year over year in the quarter that ended on Oct. 31, according to a statement. Its net loss widened to $84.8 million, compared with a net loss of $81.3 million in the year-ago quarter.
The company said it had 39,100 customers at the end of the quarter, better than the 38,900 average estimate among 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 new business activity,” CEO Dev Ittycheria said in the statement.
The outperformance is welcome news for software investors, who have seen troubling data points of late. Last week, Salesforce
Executives lifted their view for the full 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 called for about $1.26 billion, compared with its prior expectation of $1.2 billion. Analysts polled by Refinitiv had expected an adjusted net loss of 31 cents per share on $1.21 billion in revenue.
Before the after-hours jump, MongoDB shares were down 73% this year, underperforming the S&P 500 index, which has declined 17% over the same period.
The company’s leaders will discuss the results with analysts on a conference call starting at 5 p.m. ET.
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