$MDB reports strong results, optimistic for future growth
Mar 8th 2023, 9:13 pm
Analyst Summary: MongoDB has reported strong financial results for the fourth quarter and fiscal year ended January 31, 2023. The Atlas revenue growth and the continued strength in winning new customers and workloads have contributed to the revenue growth. The company's new business momentum is driven partly by an increasing number of enterprise customers looking to standardize on MongoDB's developer data platform to accelerate innovation while driving greater operational efficiency. The company's President and CEO, Dev Ittycheria, stated that they are optimistic about the opportunity ahead for MongoDB as they continue to disrupt one of the largest markets in software. The company remains focused on acquiring new customers and workloads while driving greater efficiency across the business. In the fiscal year 2023, the company's total revenue increased 37% year-over-year to $1.284 billion, and the fourth-quarter revenue increased 23% year-over-year to $361.3 million. Non-GAAP net income in the fiscal year 2023 was $345.5 million, compared to $12.5 million in the prior year. The company also achieved the FedRAMP Moderate Authorized designation for their MongoDB Atlas for Government. Looking forward, the company issued its first quarter and full year fiscal 2024 guidance, in which they expect revenue to be in the range of $387 million to $393 million for the first quarter fiscal 2024 and $1.691 billion to $1.711 billion for the full year fiscal 2024. They also expect a non-GAAP net income per share of $0.28 to $0.30 for the first quarter fiscal 2024 and $1.12 to $1.18 for the full year fiscal 2024. The company's CEO, Dev Ittycheria, stated that they are confident about MongoDB's ability to capitalize on its market opportunity and deliver strong growth in the future.