MongoDB (MDB) tops Q4 bottom line and top-line estimates aided by the strong customer growth in the quarter. The company reported a loss of $0.50 per share on revenue of $83.1 million under the old revenue standard. Under ASC 606 accounting standard, loss was 41 cents per share on revenue of $85.5 million. Analysts had expected the company to post a loss of 38 cents per share on revenue of $74 million.
Shares of MongoDB spiked more than 10% in the extended trading hours and expected to surpass its 52-week high during tomorrow’s regular trading hours. After trading in the positive territory during the morning session today, MDB stock pared down its gains in the afternoon session and ended the day down 0.59% at $104.26.
In fiscal 2019, the number of customers with an annualized spend of more than $1 million grew by 77% to 39, and the number of six-figure customer relationships expanded by 57% to 557.
Under the old revenue standard, subscription revenue jumped 87% year-over-year to $78.3 million and services revenue increased 54% to $4.9 million.
Under ASC 606, the New York-based software firm expects first quarter 2020 loss per share to be between $0.25 and $0.23 on revenue of $82 million to $84 million.
For fiscal year 2020, the company estimates loss to be in the range of $1.06 per share to $0.98 per share and revenue is projected to be in the range of $363 million to $371 million.
“MongoDB Atlas, our fully managed global, multi-cloud database service, achieved a major milestone in the fourth quarter, surpassing $100 million in annualized revenue run rate less than three years from launch,” said CEO Dev Ittycheria.
In the software space, Coupa (COUP) reported its quarterly results on Monday and Adobe (ADBE) will publish its quarterly results on Thursday. Cloudera (CLDR) also reported its quarterly results today after the bell. The cloud-tech firm, which recently completed its merger with Hortonworks, posted a wider loss for the fourth quarter despite a revenue increase.
MongoDB stock has rallied 24% since the beginning of the year and 174% for the 12-month period.