MongoDB’s Q2 results beat estimates

MongoDB Inc. (NASDAQ: MDB) beat revenue estimates and reported a narrower-than-expected loss for the second quarter of 2020. The company also raised its outlook for the full year. Shares dipped slightly by 0.26% in aftermarket hours on Wednesday.

Total revenue grew 67% year-over-year to $99.4 million, beating estimates of $91.6 million.  

GAAP net loss was $37.3 million, or $0.67 per share, compared to $27.8 million, or $0.54 per share, in the year-ago period. Adjusted net loss was $14.7 million or $0.26 per share. Analysts had forecast a loss of $0.28 per share.

During the quarter, subscription revenue rose 71% year-over-year to $94.2 million and services revenue grew 15% to $5.2 million. MongoDB Atlas revenue comprised 37% of total revenue and increased 240% year-over-year. At quarter-end, the company had over 15,000 customers.

Dev Ittycheria, President and Chief Executive Officer said, “The recent release of MongoDB 4.2 and introduction of new products and features such MongoDB Atlas Data Lake and MongoDB Full-Text Search further extend the value of our platform and enable customers to get more value from their data. We are confident that our innovative product offerings will position MongoDB for continued success.”

Also see: MongoDB Q2 2020 Earnings Preview

For the third quarter of 2020, MongoDB expects revenue of $98-100 million and adjusted loss per share of $0.29-0.27. For fiscal year 2020, the company updated its outlook and now expects revenue of $390-395 million and adjusted loss per share of $1.11-1.06. This compares to the previous guidance of $375-381 million in revenues and adjusted loss per share of $1.11 to $1.04.

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