MongoDB tops Q2 expectations, raises outlook for fiscal year
MongoDB delivered better-than-expected second quarter financial results on Wednesday. The managed database player reported a Q2 net loss of $64 million, or $1.10 per share. On a non-GAAP basis, earnings came to a loss of 22 cents per share on revenue of $138.3 million, up 39% year-over-year.
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Wall Street was expecting a loss of 39 cents per share on revenue of $126.7 million.
Elsewhere, MongoDB said subscription revenue was $132.5 million, an increase of 41% year-over-year, and services revenue was $5.8 million, an increase of 8% year-over-year. Last quarter, subscription revenue was up 71% year-over-year and services revenue was up 11% year-over-year.
MongoDB CEO Dev Ittycheria said the company's second quarter growth was bolstered by "impressive" sales execution and customers implementing digital transformation strategies.
"The record number of direct sales and total customer adds in the quarter are clear proof points that our focus on getting more customers onto our platform is working," he said.
In terms of guidance, MongoDB said it expects third quarter net loss per share in the range of 48 cents to 45 cents, with revenue from $137 million to $139 million. Analysts expect EPS of a loss of 38 cents and revenue of $130.3 million. For the year, MongoDB now expects revenue between $549.0 million and $554.0 million with a per share net loss in the range of $1.29 to $1.21.
Shares of MongoDB were up slightly after hours.