MongoDB Reports Smaller-than-Expected Q1 Loss, Revenues Beat Estimates

The modern general-purpose database platform MongoDB Inc. (MDB) reported a smaller-than-expected loss in the fiscal first quarter. Following the announcement, shares of the company surged 6.2% in Thursday’s extended trading session after closing 5.7% lower on the day.

The company incurred an adjusted loss of $0.15 per share in fiscal Q1, compared to a $0.36 loss per share estimated by analysts. A loss of $0.13 per share was reported in the same quarter last year.

Total revenue came in at $181.6 million, which was above the Street’s estimates of $170 million, and jumped 39% from the year-ago period.

Subscription revenue increased 40% year-over-year, while services revenue grew 29%.

MongoDB CEO Dev Ittycheria said, “MongoDB’s strong product-market fit, as evidenced by the wide variety of customers, from cutting-edge start-ups to the world’s largest businesses, puts us in a great position to continue to generate high growth at scale.” (See MongoDB stock analysis on TipRanks)

For fiscal Q2, MongoDB expects revenue in the range of $180 – 183 million, versus the consensus of $181.06 million.  Loss per share is expected in the range of $0.43 – $0.40, versus the loss of $0.33 per share estimated by analysts.

For Fiscal 2022, revenue is expected in the band of $771 – 784 million, versus the consensus estimate of $764.65 million. The company anticipates a loss per share in the range of $1.38 – $1.25. The consensus estimate for the same is pegged at a loss per share of $1.43.

On June 1, Monness analyst Brian White reiterated a Hold rating on the stock.

White commented, “We believe the strong secular demand for next-gen databases remains in place; however, the market’s appetite for growth-at-any-price stocks is waning and MongoDB’s valuation is not for the faint of heart.”

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 9 Buys versus 4 Holds. The average analyst price target of $364.33 implies 34.4% upside potential to current levels. Shares have increased 23.2% over the past year.

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