MongoDB (MDB) 2020 Q4 Earnings

MongoDB Inc. (NASDAQ:MDB), formerly known as 10gen, was established in 2007 with the objective to develop a database that could address the limitations of existing relational databases in powering cloud-based applications. Its non-SQL products gained popularity in a short span of time for being easily scalable and more flexible. Today, MongoDB is considered a leading non-relational database.

The New York-based database software specialist on Tuesday announced better-than-expected financial results for the fourth quarter. MongoDB reported a loss of $75.8 million, or $1.25 per share for the three months ended January 31, versus a loss of $62.6 million, or $1.10 per share in the comparable period of 2020. Excluding items, adjusted loss increased to 33 cents per share, from 25 cents per share in the year-ago quarter.

Revenue for the quarter came in at $171 million, significantly higher than $123.5 million in the same period, a year earlier. Analysts on average were expecting MongoDB to report a loss of 39 cents per share on revenue of $157 million.

Commenting on the quarter, CEO Dev Ittycheria said in a statement, “MongoDB’s fourth quarter performance was a strong finish to an incredibly successful year.  Our performance in fiscal 2021 demonstrated the increasingly strategic role MongoDB’s modern application data platform plays in enabling customers to use software and data to derive a competitive advantage.”

However, MongoDB projected a wider-than-expected loss for the first quarter. It expects to report an adjusted loss in the range of 39 cents per share to 36 cents per share for the current quarter, higher than the loss of 27 cents per share estimated by analysts.

Follow Mongodb Inc. (NASDAQ:MDB)

MongoDB shares fell more than 2 percent on Wednesday apparently after the weak Q1 outlook. Nevertheless, the stock has performed well in recent months. MDB share price has climbed nearly 140 percent during the past 12 months, mainly helped by strong demand for its cloud database service Atlas.

Suggested Articles:

Best Mortgage Stocks To Buy Now

Top Emerging Companies In India

Julian Robertson Stocks