BIG DATA
BIG DATA
BIG DATA
MongoDB beats expectations with strong earnings
Database company MongoDB Inc. beat expectations today for its second-quarter financial results.
The company, which sells a document-oriented database of the same name that’s used to power big data applications and other intensive workloads, reported a loss before certain costs such as stock compensation of 26 cents per share on revenue of $99.4 million.
That was better than Wall Street was hoping for. Analysts had forecast a greater loss of 28 cents per share on revenue of just $91.3 million.
“MongoDB’s strong second-quarter results are the latest indication of our growing leadership position as the modern data platform of choice,” said MongoDB Chief Executive Dev Ittycheria (pictured). “Our best-in-class product and increasingly sophisticated go-to-market strategy are driving strong adoption for a growing number of use cases by customers of all sizes.”
MongoDB’s guidance for the next quarter and full year was more or less in-line with forecasts. For the current quarter, the company said it’s expecting a loss of between 27 and 29 cents per share on revenue of $98 million to $100 million. Analysts had forecast a 28-cent loss on revenue of $94.86 million.
For the full year, MongoDB said it’s expecting a loss of between $1.06 and $1.11 a share on revenue of $390 million to $395 million. Wall Street has the company down for a full-year loss of $1.06 on revenue of $381.87 million.
Despite the solid results, MongoDB’s stock fell 2% in after-hours trading.
Most likely some investors are still concerned about the competitive threat to MongoDB from Amazon Web Services Inc.’s rival DocumentDB database, which offers more or less the same kind of functionality. MongoDB has responded to this threat by attempting to diversify its portfolio and by acquiring companies such Realm, which made an open-source object store designed to power mobile applications.
In addition, the company has been pushing new products such as its managed Atlas database. Most recently, Atlas was integrated with Google Cloud, providing benefits such as more simplified billing and better data security.
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