Despite reporting market-beating quarterly results, MongoDB (NASDAQ: MDB) saw its shares plunge over 6% during the after-market hours on Wednesday, as investors reacted negatively to the company’s decision to lower its guidance for the full year EPS.
MongoDB said its first-quarter revenues grew 78% to $89.4 million, higher than the street consensus of $83.08 million, driven by an expanding customer base and new product launches including MongoDB Mobile.
Riding on the strong demand for its database platform, subscription revenues surged 82% year-over-year during the quarter. Revenue from Atlas more than quadrupled during the first quarter.
MongoDB said its adjusted losses narrowed to 22 cents per share from 37 cents per share a year ago. Wall Street was expecting a wider net loss of 24 cents per share.
MDB shares fell over 6% during aftermarket trading on Wednesday. The stock has made steady gains over the past 12 months, with the stock price soaring 170%.
MongoDB lowered its outlook for full-year non-GAAP loss to $1.11 to $1.04 from the prior guidance of $1.06 per share to $0.98 per share. Meanwhile, the outlook for full-year revenues was raised to a range of $375 to $381 million, from the prior range of $363 million to $371 million.
For the second quarter, the company expects adjusted losses between 27 cents and 29 cents per share, on revenues of $90 to $92 million.
Amazon Web Services (AWS) had helped MongoDB expand its database infrastructure. But things turned sour when Amazon launched DocumentDB, its own database that uses the open-source code of MongoDB.
Though MongoDB CEO Dev Ittycheria had called DocumentDB a “poor imitation,” Amazon’s (NASDAQ: AMZN) history of being an industry disruptor makes it a relevant threat to the smaller firm.
In order to fend off competition, MongoDB has been diversifying its portfolio through the acquisition of mLabs, and more recently, mobile database platform Realm. The availability of its fully-managed cloud database in over 60 regions is also likely to work in favor of the company.
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