Mongodb Inc (NASDAQ:MDB), the database platform company, stock surges 15.15% (As on Dec 7, 11:28:33 AM UTC-4, Source: Google Finance) after the company raised its financial targets for the year on the heels of an upbeat third quarter driven by strong enterprise demand for its platform as the pandemic spurs increased online connectivity. Subscription revenue was $217.9 million, an increase of 51% year-over-year, and services revenue was $9.0 million, an increase of 35% year-over-year. Non-GAAP gross profit was $163.9 million, representing a 72% non-GAAP gross margin. Non-GAAP loss from operations was $3.5 million, compared to $16.0 million in the year-ago period. The company has reported Non-GAAP net loss of $7.2 million compared to $18.2 million in the year-ago period. As of October 31, 2021, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended October 31, 2021, MongoDB used $5.8 million of cash from operations, used $2.2 million of cash in capital expenditures and used $1.2 million of cash in principal repayments of finance leases, leading to negative free cash flow of $9.2 million, compared to negative free cash flow of $14.9 million in the year-ago period.

MDB in the third quarter of FY 22 has reported the adjusted loss per share of 11 cents, beating the analysts’ estimates for the adjusted loss per share of 38 cents. The company had reported the adjusted revenue growth of 50 percent to $226.9 million in the third quarter of FY 22, beating the analysts’ estimates for revenue of $205.2 million. The company’s performance is driven by 84% Atlas revenue growth and increasing the customer count to over 31,000.

The company raised its revenue forecast to around $846.3 million to $849.3 million for the year from its prior view of $805 million to $811 million. Analysts on average were targeting $813.9 million in revenue, according to FactSet. MongoDB now expects an adjusted loss between 74 cents and 71 cents a share for the year. It previously projected a loss between $1.20 and $1.13 a share. Analysts were predicting an adjusted loss of $1.10 a share.

For the fourth quarter, it expects to make around $239 million to $242 million in revenue, ahead of analysts’ consensus target of $227.8 million. Losses are projected to be around 24 cents to 21 cents for the quarter, an improvement from the 42 cents to 39 cents a share loss it previously expected.