Software company MongoDB, Inc. (NASDAQ: MDB) has announced financial results for the first quarter of 2024, posting an increase in revenues and adjusted profit.
The company reported a 29% increase in total revenues to $368.3 million for the first three months of fiscal 2024. Both subscription revenues and services revenues rose in double digits, driving strong top-line growth.
On an adjusted basis, MongoDB reported earnings of $0.56 per share, which is more than double the profit it achieved in the comparable period of 2023. On an unadjusted basis, meanwhile, it was a net loss of $54.25 million or $0.77 per share, compared to a loss of $77.3 million or $1.14 per share a year earlier.
The company continued to expand its customer base, and the total number was 43,100 as of April 30, 2023. At the end of the quarter, MongoDB had $1.9 billion in cash, cash equivalents, short-term investments, and
restricted cash. During the three-month period, it generated $53.7 million of cash from operations,
compared to $11.6 million in the year-ago period.
Commenting on the results, the company’s CEO Dev Ittycheria said, “MongoDB began fiscal 2024 with strong first quarter results, highlighted by 40% Atlas revenue growth and the most net new customer additions in over two years. The continued strength in new business activity indicates the mission criticality of the MongoDB developer data platform and underscores that investments in innovation remain a top priority for customers.”
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