MongoDB beats Q3 expectations on rising subscription, services revenue
MongoDB delivered better-than-expected third quarter financial results on Tuesday and raised its outlook for the fiscal year.
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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.