MongoDB shares soar on reported Q3 revenue, higher forecast for FY2022

Management said companies are starting to standardize on MongoDB's products for their application development.

Database challenger MongoDB this afternoon reported fiscal Q3 revenue that easily topped analysts' expectations and a smaller-than-expected net loss. 

The report sent MongoDB shares up 16% in late trading. 

CEO and president Dev Ittycheria called the results "another fantastic quarter," one that was "highlighted by 84% Atlas revenue growth and increasing our customer count to over 31,000."

Added Ittycheria, "We believe a key driver of our success has been the early, but growing, trend of customers choosing MongoDB as an enterprise standard for their future application development.

Revenue in the three months ending in October rose 50% year over year to $227 million, yielding a net loss of 11 cents a share, excluding some costs.

Analysts had been modeling $205.3 million and negative 38 cents per share.

Also: MongoDB shares rise on fiscal Q4 revenue, EPS that top expectations

For the current quarter, the company sees revenue of $239 million to $242 million and a net loss in a range of 21 cents to 24 cents. That compares to consensus for $227.8 million and a 34-cent loss per share.

For the full fiscal year 2022, the company sees revenue in a range of $846.3 million to $849.3 million and a net loss per share of 74 cents to 79 cents a share. That compares to consensus of $813.9 billion and a $1.10 loss per share.

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