Why Mongodb Inc (NASDAQ:MDB) Stock is Soaring

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Mongodb Inc (NASDAQ:MDB) stock surged over 10.3% on June 4th, 2021 (as of 11:50:56 UTC-4 · USD; Source: Google finance) as the company posted better than expected results for the first quarter of FY 22. In Q1, Atlas reached a remarkable milestone, becoming the majority of revenue in just under five years. It is deployed in over 80 regions around the world across AWS, Azure, and GCP, Atlas is now a nearly $400 million revenue run rate business growing over 70% year over year. Subscription revenue was $174.6 million, up 40% year over year, and professional services revenue was $7.1 million, up 29% year over year. Overall, Atlas’ strong performance continues to be the largest contributor to the company’s growth. Atlas grew 73% in the quarter compared to the previous year and now represents 51% of total revenue compared to 42% in the first quarter of fiscal 2021 and 49% last quarter. During the first quarter, the company grew the customer base by over 2,000 customers sequentially, bringing the total customer count to over 26,800 customers, which is up from over 18,400 in the year-ago period. Of the total customer count, over 3,300 are direct sales customers, which compares to over 2,200 in the year-ago period. The company has ended the quarter with 1,057 customers with at least $100,000 in ARR and annualized MRR, which is up from 780 in the year-ago period.

MDB in the first quarter of FY 22 has reported the adjusted loss per share of 15 cents, beating the analysts’ estimates for the adjusted loss per share of 36 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 39 percent to $181.6 million in the first quarter of FY 22, beating the analysts’ estimates for revenue of $169 million. The gross profit in the first quarter was $131.6 million, representing a gross margin of 72%, which is consistent with last quarter, and down from 73% in the year-ago period. MDB ended the quarter with $935.6 million in cash, cash equivalents, short-term investments, and restricted cash.

For the second quarter ending in August, MongoDB expects its results to range from a loss of 43 cents per share to a loss of 40 cents per share. The company expects revenue to be in the range of $180 million to $183 million for the fiscal second quarter.

MongoDB expects full-year results to range from a loss of $1.38 per share to a loss of $1.25 per share, with revenue ranging from $771 million to $784 million.

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