MongoDB beats Q4 estimates, includes COVID-19 impact in Q1 outlook
MongoDB delivered better-than-expected fourth quarter financial results on Tuesday, while reporting a Q1 and full-year 2021 outlook that includes negative revenue impacts from the COVID-19 outbreak.
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For the first quarter of 2021, MongoDB expects revenue in the range of $119 million to $121 million, with an estimated $1 million to $2 million negative impact from the pandemic. For the full year, the database platform expects revenue in the range of $510 million to $530 million, with a $15 million to $25 million negative impact from COVID-19.
"The situation regarding COVID-19 is uncertain and is changing rapidly and MongoDB will continue to evaluate its potential impact on its business," the company said in a statement.
MongoDB also announced that its co-founder and CTO Eliot Horowitz is stepping down as CTO and as a director of the company. Effective July 10, when MongoDB will hold its annual meeting, Horowitz will step down and become a technical adviser.
In a statement, CEO Dev Ittycheria thanked Horowitz for "his technical vision, leadership and immense contributions since co-founding the company," adding that the company has a "strong and deep leadership team that will carry on with [his] vision."
For the fourth quarter of FY 2020, MongoDB repoted a non-GAAP net loss of $14.5 million, or 25 cents per share. Revenue was $123.5 million, an increase of 44 percent year-over-year.
Analysts were looking for a net loss of 28 cents per share on revenue of $110.57 million.
Q4 subscription revenue was $117.8 million, an increase of 46 percent year-over-year, and services revenue was $5.7 million, an increase of 17 percent year-over-year.
MongoDB's global cloud database, Atlas, surpassed the $200 million annualized revenue run rate in the fourth quarter.
"Multi-cloud is becoming a strategic imperative for enterprises, and Atlas is uniquely positioned to give our customers the freedom to run anywhere and leverage the benefits of each cloud provider," Ittycheria said.
For the full fiscal year, MongoDB's non-GAAP net loss was $55.9 million, or $1.00 per share. Total revenue was $421.7 million, an increase of 58 percent year-over-year. Subscription revenue was $399.8 million, an increase of 61 percent year-over-year, and services revenue was $21.9 million, an increase of 18 percent year-over-year.