Stock trading in Red: Mongodb Inc (NASDAQ: MDB)

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Mongodb Inc (NASDAQ: MDB) stock fell over 5.9% in the pre-market session of 5th June, 2020 (Source: Google finance) after the company warned of a wider second-quarter loss than analysts were expecting though it posted higher than expected results for the first quarter of FY 20 due to Atlas’ strong performance. Atlas grew more than 75% in the quarter and now represents 42% of total revenue compared to 35% in the first quarter of fiscal 2020 and 41% last quarter. During the first quarter, the company grew the customer base by more than 1,400 customers sequentially, which brought the total customer count to more than 18,400, which is up from over 14,200 in the year ago period. The company has ended the first quarter with $977.5 million in cash, cash equivalents, short-term investments and restricted cash. The company has generated negative operating cash flow in the first quarter of $5.9 million. The company has incurred capital expenditures of approximately $2.6 million. The company has generated negative free cash flow of $8.5 million in the quarter compared to positive free cash flow of $2.8 million in the first quarter of fiscal 2020.

Meanwhile, in the first quarter of FY 20, the company expanded the Atlas relationship with a leading North American airline in order to accelerate their move to the cloud in order to modernize their applications and reduce their dependence, on the mainframe.

MDB in the first quarter of FY 20 has reported the adjusted loss per share of 13 cents, beating the analysts’ estimates for the adjusted loss per share of 25 cents. The company had reported the adjusted revenue growth of 46 percent to $130.3 million in the first quarter of FY 20, beating the analysts’ estimates for revenue of $119.7 million. Subscription revenue was up 49% to $124.9 million year-over-year. Professional services revenue was up 1% to $5.5 million year-over-year. The company posted the gross profit in the first quarter of $95.6 million, which represents a gross margin of 73% compared to 74% last quarter and 70% in the year ago period.

For the second quarter, the company expects the loss to be between 38 and 41 cents per share on revenue expected to be in the range of $125 million to $127 million. Wall Street had projected a second-quarter loss to be of 37 cents per share on revenue to be of $121.3 million.

For the full fiscal year 2021, the company expects the revenue to be in the range of $520 million to $530 million and non-GAAP net loss per share to the range of $1.34 to $1.21.

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