MongoDB saw revenue growth accelerate in its fiscal third quarter as its MongoDB Atlas platform saw revenue growth of 26%.
The company reported a third quarter net loss of $9.8 million, or 13 cents a share, on revenue of $529.4 million, up 22% from a year ago. Non-GAAP earnings in the quarter were $1.16 a share.
Wall Street was expecting MongoDB to report non-GAAP earnings of 69 cents a share on revenue of $495.72 million.
- MongoDB 8.0 generally available, along with Atlas updates
- MongoDB rebounds in Q2 with better-than-expected results
- MongoDB adds to Atlas platform, scales partnerships, flexibility
- MongoDB Atlas expands Google Cloud Vertex AI integration, eyes vertical use cases
CEO Dev Ittycheria said the company saw “success winning new business due to the superiority of MongoDB's developer data platform in addressing a wide variety of mission-critical use cases.”
The company said Michael Gordon, MongoDB’s operating chief and CFO will step down at the end of the fiscal year. MongoDB said it has started a search for a new CFO and Serge Tanjga, MongoDB's Senior Vice President of Finance, will serve as interim CFO starting Feb. 1 if a successor hasn’t been named by then.
As for the outlook, MongoDB said revenue will bet between $515 million and $519 million with non-GAAP earnings of 62 cents a share to 65 cents a share. For fiscal 2025, MongoDB projected revenue of $1.973 billion to $1.977 billion with non-GAAP earnings of $3.01 a share to $3.03 a share.
Constellation Research analyst Holger Mueller said:
"MongoDB had a good quarter, fueled by its cloud based MongoDB version Atlas. But the hard work happened on the cost side, where MongoDB still invested and grew budgets, but managed to grow at 70% of revenue growth. When vendors pull this off good things happen, and for MongoDB it is the first quarter since it early days to have a loss of under $10 million. MongoDB certainly feels the pressure to deliver a quarter in the black, and for now all is set for MongoDB to deliver even a small profit in Q4. Time will tell."
