Mongodb Inc (NASDAQ:MDB) stock surges 17.68% (As on December 7, 11:32:33 AM UTC-4, Source: Google Finance) after the company beats Wall Street’s expectations, as well as guidance suggesting another strong quarter to come. MongoDB is undoubtedly benefiting from cloud adoption, as MongoDB Atlas revenue jumped by 61% from a year earlier, accounting for 63% of the company’s total sales. Subscription revenue rose 47%, to $320.8 million, while services revenue rose 43%, to $12.9 million. The company also boasted of “strong customer growth,” saying it ended the quarter with over 39,100 paying customers. Non-GAAP net income was $18.7 million or $0.23 per share based on 80.4 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $2.6 million or $0.03 per share in the year-ago period. As of October 31, 2022, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended October 31, 2022, MongoDB used $5.7 million of cash from operations, used $1.4 million of cash in capital expenditures and used $1.3 million of cash in principal repayments of finance leases, leading to negative free cash flow of $8.4 million, compared to negative free cash flow of $9.2 million in the year-ago period.

MDB in the third quarter of FY 23 has reported the adjusted earnings per share of 23 cents, beating the analysts’ estimates for the adjusted earnings per share of 17 cents. The company had reported the adjusted revenue growth of 47 percent to $333.6 million in the third quarter of FY 23, beating the analysts’ estimates for revenue of $318 million. Non-GAAP gross profit was $247.8 million, representing a 74% non-GAAP gross margin, compared to a non-GAAP gross margin of 73% in the year-ago period. Non-GAAP income from operations was $19.8 million, compared to a non-GAAP income of $6.3 million in the year-ago period.

MongoDB’s forecast was just as impressive, with the company calling for fourth-quarter earnings of between six and eight cents per share on revenue of $334 million to $337 million. That suggests another earnings beat to come, with Wall Street targeting a fourth-quarter loss of 12 cents per share on sales of  $318 million.

Meanwhile, MongoDB and Microsoft announced that the companies are making it easier for developers to build data rich applications at scale with a new pay-as-you-go experience for MongoDB Atlas within the Azure Marketplace & Portal. Additionally, the companies announced that MongoDB Atlas will be available within the Microsoft Intelligent Data Platform.