What Is Driving The MongoDB (MDB) Stock Up 27% In Pre-Market Session Today?

After disclosing its financial results, MongoDB Inc. (Nasdaq: MDB) increased 27.17% to $184.00 in pre-market trading on Wednesday.

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How did MDB fare during the reported quarter?

The financial results for the third quarter ending October 31, 2022, were released by MongoDB (MDB) yesterday. The third quarter results of MongoDB featured $20 million in non-GAAP operating profits and a 61% increase in Atlas revenue. Improved Atlas consumption patterns and persistently strong new business activity were the main drivers of its firm’s development. Its success highlights the strategic value of MDB’s developer data platform in empowering its clients to leverage software and data to improve their organizations.

Financial Highlights

  • MDB’s total revenue increased by 47% year over year to $333.6 million during the third quarter of Fiscal 2023.
  • Income from subscriptions was $320.8 million, up 47% from the previous year, while revenue from services was $12.9 million, up 43%.
  • For the third quarter of fiscal 2023, MDB reported a gross profit of $240.0 million, showing an increase in gross margin from 70% to 72%.
  • In the third quarter of fiscal 2023, MDB saw an operating loss of $82.9 million as opposed to a loss of $76.8 million in the same time the previous year.
  • Based on 68.9 million weighted-average shares outstanding, MDB reported a net loss of $84.8 million, or $1.23 per share, for the third quarter of fiscal 2023.
  • In contrast, the same quarter a year earlier had a net loss of $81.3 million, or $1.22 per share, based on 66.4 million weighted-average shares outstanding.
  • MDB has $1.8 billion in cash, cash equivalents, short-term investments, and restricted cash as of October 31, 2022.

Business Highlights by MDB:

Microsoft and MongoDB announced that their pay-as-you-go MongoDB Atlas experience through the Azure Marketplace & Portal would make it simpler for developers to create data-rich apps at scale. The firms also said that MongoDB Atlas will be accessible through the Microsoft Intelligent Data Platform. By streamlining data management, this connectivity enables businesses to innovate more quickly and handle all of their data with agility.

The Forrester Wave: Translytical Data Platforms, Q4 2022 ranked MongoDB (MDB) as a leader. According to the Forrester analysis, enterprises are leveraging the MongoDB developer data platform to provide real-time analytics, systems of insight, customer 360, the internet of things (IoT), and mobile apps. MDB achieved the best grades available across eleven categories.

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