Mongodb Inc (NASDAQ: MDB) stock lost over 2.7% on June 7th, 2018 (as of 2:27 PM GMT-4; Source: Google finance) after the company in the first quarter of FY 19 has reported the adjusted loss per share of 43 cents. The company had reported the adjusted revenue growth of 49 percent to $48.2 million in the first quarter of FY 19.
Overall, in the first quarter of 2019, MDB has posted the non-GAAP net loss was $21.6 million compared to $15.3 million in the year-ago period.
Moreover, in the first quarter of 2019, MDB’s Subscription revenue grew 53% to $44.6 million year-over-year, and services revenue rose 14% to $3.7 million year-over-year. The company has ended the quarter with over 6600 customers, which is a growth of 83% compared to a year ago. The company saw strong growth across all major regions, including North America, EMEA and Asia and Atlas is now 14% of revenue.
Additionally, in the first quarter of 2019, MDB saw a healthy mix of new logo wins and strong upsell activity, both of which include the customers migrating workloads from legacy databases to MongoDB. The company’s performance in the first quarter exemplifies the power of the land, expand and expand model and the multiple vectors of growth. During the first quarter, MDB grew the six figure customer count by 47% compared to the same period a year ago and added a number of new enterprise customers, including Anadarko Petroleum, AppDirect, [Exari] [ph] Systems, Hawaiian Airlines and New Balance Athletics. The company has also expanded the relationship with customers such as Guidewire Software, Highspot, Mediaocean, NeoReach, [Temko] [ph], State of New York and Urban Outfitters.
In addition, As of April 30, 2018, MDB had $271.5 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended April 30, 2018, MDB used $8.0 million of cash in operations and $0.4 million in capital expenditures, leading to negative free cash flow of $8.4 million, compared to negative free cash flow of $12.4 million in the year-ago period.
For the second quarter, MDB estimates an adjusted loss of 46 cents to 45 cents a share on revenue of $51 million to $52 million. Analysts expect a loss of 46 cents a share on revenue of $50.1 million.