Mongodb Inc (NASDAQ:MDB) stock rose over 1.6% on March 10th, 2021 Pre-market session (Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 20.
The company has delivered Non-GAAP gross profit of $123.3 million, representing a 72% non-GAAP gross margin. The company generated Non-GAAP loss from operations of $16.0 million, compared to $12.0 million in the year-ago period. At the end of January, 2021, MongoDB had $958.3 million in cash, cash equivalents, short-term investments and restricted cash. During the three months ended January 31, 2021, MDB has used $18.6 million of cash from operations, $0.8 million in capital expenditures and $1.2 million in principal repayments of finance leases, leading to negative free cash flow of $20.7 million, compared to negative free cash flow of $10.9 million in the year-ago period.
MDB in the fourth quarter of FY 20 has reported the adjusted loss per share of 33 cents, beating the analysts’ estimates for the adjusted loss per share of 40 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 38 percent to $171 million in the fourth quarter of FY 20, beating the analysts’ estimates for revenue by 9.13%. Subscription revenue was $163.9 million, which represents an increase of 39% year-over-year, and services revenue was $7.1 million, which represents an increase of 24% year-over-year.
For the first quarter, the company expects a loss to be of between 36 and 39 cents per share on revenue expected to be in the range of $167 million to $170 million. Wall Street had earlier forecast a smaller loss to be of 27 cents per share on somewhat lower revenue of $167 million.
For the full year 2022 MongoDB is expecting the revenue to be in the range of $745 million to $765 million, versus Wall Street’s forecast of $737 million in sales. The company expects Non-GAAP Net Loss per Share to be in the range of ($0.39) to ($0.36) in the first quarter of 2022 and for fiscal 2022, it is expected to be in the range of ($1.55) to ($1.39). The company expects Non-GAAP Loss from Operations to be in the range of ($21.0) million to ($19.0) million) in the first quarter of 2022 and ($84.0) million to ($74.0) million for fiscal 2022.
Meanwhile, the company has launched a global partnership with Tencent Cloud, which allows customers to consume MongoDB-as-a-Service across Tencent’s global cloud infrastructure and securely build, deploy and scale powerful applications. The company has expanded the Google Cloud partnership with deeper technical integrations and joint-customer programs to make MongoDB Atlas easier to consume through the Google Cloud Marketplace.