What led to Mongodb Inc (NASDAQ: MDB) stock crash

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Mongodb Inc (NASDAQ: MDB) stock lost over 13.7% in the pre-market session of March 18th, 2020 (Source: Google finance) as the company’s chief technology officer and co-founder was stepping down and it has posted better than expected results for the fourth quarter of FY 19. The company’s CTO and co-founder Eliot Horowitz is stepping down, effective from July 10. The company reported a fourth-quarter loss of $62.6 million, compared to a loss of $22.2 million, in the year-ago period.

MDB in the fourth quarter of FY 19 has reported the adjusted loss per share of 25 cents, beating the analysts’ estimates for the adjusted loss per share of 28 cents, according to analysts surveyed by FactSet. The company had reported the adjusted revenue growth of 44 percent to $123.5 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $110.6 million. The company grew subscription revenue by 46% year-over-year in the fourth quarter and 61% for the full year. Atlas revenue posted the gowth over 80% year-over-year in the fourth quarter and now represents 41% of revenue. The company also had another strong quarter of customer growth, ending the quarter with over 17,000 customers. The growth in our total customer count is being driven in large part by Atlas, which had more than 15,400 customers at the end of the fourth quarter compared to over 11,400 in the year-ago period. The sequential growth in total customers includes growth in the Enterprise Advanced customers as well as new Atlas customers.

Moreover, the company’s net ARR expansion rate in the fourth quarter remained above 120%. The company has ended the quarter with 751 customers with at least $100,000 in ARR and annualized MRR, which is up from 557 in the year-ago period. The company also ended the year with 62 customers with at least $1 million in ARR and annualized MRR, which is up from 39 in the year-ago period.

For the first quarter, analysts project the adjusted losses to be of 24 cents a share and sales expected to be of $115.7 million. The company expects first-quarter revenue to be in the range of $119 million to $121 million and an adjusted loss expected to be in the range of 22 cents to 25 cents a share. On the back of the COVID-19 pandemic, MongoDB said its first-quarter guidance was $1 million to $2 million lower and its full-year revenue would be hurt by $15 million to $25 million.

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