MongoDB Inc. (MDB) reported a wider loss in the third quarter as higher costs and operating expenses overshadowed the 57% jump in revenue. The results exceeded analysts’ expectations. The general purpose database platform operator raised revenue outlook for the full year 2019 and guided fourth-quarter revenue above consensus estimates. Following this, the stock inched up 4.02% in the after-market session.
Net loss widened to $31.3 million from $24.2 million in the previous year quarter while loss per share narrowed to $0.59 from $1.39 on higher weighted-average shares used for computation. The adjusted loss narrowed to $0.30 per share from $0.44 per share.
Total revenue jumped 57% to $65 million. Subscription revenue soared 59% to $60.1 million and services revenue grew 36% to $4.9 million. Subscription revenue growth was driven by the strong demand from both new and existing customers.
Looking ahead into the fourth quarter, the company expects revenue in the range of $73 million to $74 million and adjusted loss in the range of $0.39 to $0.38 per share.
For the full year 2019, MongoDB lifted its revenue outlook to the range of $243.7 million to $244.7 million from the previous estimate range of $228 million to $230 million. Adjusted loss for the full year was narrowed to the range of $1.53 to $1.52 per share from the prior forecast of $1.66 to $1.62 per share.
The forecast includes the impact of mLab for the fourth quarter, which is expected to be about $5 million in revenue and neutral in terms of adjusted net loss per share.
For the third quarter, the company saw strong demand internationally and from customers in traditionally conservative markets and industries, which reflects its opportunity to continue generating strong growth.
During the third quarter, the company released several new products including MongoDB Mobile, and enhancements to the serverless platform, MongoDB Stitch. Also, MongoDB purchased mLab, which is an attractive opportunity to continue to scale MongoDB Atlas and add deep technical and domain expertise to MongoDB. The company introduced the Server Side Public License, or SSPL, a new licensing model for open source development in the public cloud era.
Shares of MongoDB ended Tuesday’s regular session down 1.47% at $83.73 on the Nasdaq. The stock has risen over 182% in the year so far and over 206% in the past year.
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