Mongodb Inc (NASDAQ:MDB) stock rose over 11.4% (as of 1:28 pm GMT-5; Source: Google finance) after the company posted better than expected results for the third quarter of FY 21. MDB grew subscription revenue by 39% year-over-year. Atlas revenue rose by 61% year-over-year and now represents 47% of revenue. The company posted services revenue of $6.7 million, which represents an increase of 19% year-over-year. Overall, the company reported Non-GAAP net loss of $18.2 million compared to $14.6 million, in the year-ago period. MDB has ended the quarter with $966.8 million in cash, cash equivalents and short-term investments and restricted cash. The company generated negative operating cash flow in the third quarter of $8.1 million and negative free cash flow of $14.9 million.

Further, during the third quarter, the company grew the customer base by over 2,400 customers sequentially, bringing the total customer count to over 22,600, which are up from over 15,900 in the year ago period. The growth in the total customer count is due to Atlas, which had over 21,100 customers at the end of the quarter compared to over 14,200 in the year ago period.

Moreover, the net ARR expansion rate was above 120%. The company had ended the third quarter with 898 customers with at least $100,000 in ARR and annualized MRR, which is up from 688 in the year ago period.

MDB in the third quarter of FY 21 has reported the adjusted loss per share of 31 cents, beating the analysts’ estimates for the adjusted loss per share of 46 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 38 percent to $150.77 million in the third quarter of FY 21, beating the analysts’ estimates for revenue by 8.88%. The company delivered the gross profit in the third quarter of $108.6 million, representing a gross margin of 72%. The operating loss was $16 million or negative 11% operating margin for the third quarter compared to negative 13% margin in the year ago period.

For the fourth quarter, MDB expects revenue to be in the range of $155 million to $157 million and non-GAAP net loss per share to be in the range of $0.42 to $0.39. For the full fiscal year 2021, the revenue is expected to be in the range of $574.4 million to $576.4 million and non-GAAP net loss per share to be in the range of $1.07 to $1.04.