MongoDB beats Q3 expectations on rising subscription, services revenue

MongoDB CEO Dev Ittycheria said the company's results were "well ahead" of expectations thanks to the strength of its product platform and go-to-market execution.

MongoDB delivered better-than-expected third quarter financial results on Tuesday and raised its outlook for the fiscal year. 

The managed database player reported a Q3 net loss of $72.7 million, or $1.22 per share. On a non-GAAP basis, earnings came to a loss of 31 cents per share on revenue of $150.8 million, up 38% year-over-year. 

Wall Street was expecting a loss of 44 cents per share on revenue of $138.7 million. 

MongoDB CEO Dev Ittycheria said the company's results were "well ahead" of expectations thanks to the strength of its product platform and go-to-market execution.

Elsewhere, MongoDB said subscription revenue was $144.1 million, an increase of 39% year-over-year, and services revenue was $6.7 million, an increase of 19% year-over-year. Last quarter, subscription revenue was $132.5 million and services revenue was $5.8 million.

In terms of guidance, MongoDB said it expects fourth quarter net loss per share in the range of 42 cents to 39 cents, with revenue from $155 million to $157 million. Analysts expect EPS of a loss of 43 cents and revenue of $146.1 million. 

For the year, MongoDB now expects revenue between $574.4 million and $576.4 million, up from its previous range of $549.0 million to $554.0 million. The company expects the per share net loss to range between $1.07 to $1.04.

Shares of MongoDB were down slightly after hours.