What happened
Shares of MongoDB (MDB 2.39%) climbed as much as 8.6% early Friday, then settled to trade up 5% as of 1:40 p.m. ET Friday after the NoSQL database platform company announced strong fiscal 2024 second-quarter results Thursday.
NASDAQ: MDB
Key Data Points
So what
MongoDB's quarterly revenue grew 40% year over year, to $423.8 million, translating to non-GAAP (adjusted) net income of $76.7 million, or $0.93 per share. Analysts, on average, were only expecting adjusted earnings of $0.45 per share on revenue of $390.9 million.
Subscription revenue climbed 40% year over year to $409.3 million, continuing to comprise the bulk of MongoDB's top line. Sales of MongoDB's Atlas fully managed cloud database platform also continued to soar, growing 38% year over year to comprise 63% of total revenue. Services revenue rose 20% to $14.5 million.
The company also improved its cash burn during the quarter, with negative free cash flow (FCF) of $27.3 million narrowing from negative FCF of $48.6 million in the same year-ago period. MongoDB ended the quarter with $1.9 billion in cash, cash equivalents, and short-term investments on its balance sheet.
Now what
Given its relative outperformance so far this year, MongoDB also raised its outlook to call for full fiscal-year 2024 revenue of $1.596 billion to $1.608 billion (up from $1.522 billion to $1.542 billion previously, with adjusted net income per share of $2.27 to $2.35 (increased from $1.42 to $1.56 per share before).
This was as straightforward a beat-and-raise performance as they come and MongoDB stock is understandably rallying in response.
