MongoDB Stock (MDB): Why The Price Jumped Today

By Amit Chowdhry ● Dec 7, 2021
  • The stock price of MongoDB Inc (NASDAQ: MDB) increased by over 20% pre-market. This is why it happened.

The stock price of MongoDB Inc (NASDAQ: MDB) increased by over 20% pre-market. Investors are responding positively to the company’s financial results for the third quarter ended October 31, 2021.

Q3 Fiscal 2022 Financial Highlights

— Total revenue was $226.9 million in the third quarter fiscal 2022, an increase of 50% year-over-year. Subscription revenue was $217.9 million, an increase of 51% year-over-year, and services revenue was $9.0 million, an increase of 35% year-over-year.

— Gross profit was $158.4 million in the third quarter fiscal 2022, representing a 70% gross margin, up from 69% gross margin in the year-ago period. Non-GAAP gross profit was $163.9 million, representing a 72% non-GAAP gross margin.

— Loss from operations was $76.8 million in the third quarter fiscal 2022, compared to $58.1 million in the year-ago period. Non-GAAP loss from operations was $3.5 million, compared to $16.0 million in the year-ago period.

— Net loss was $81.3 million, or $1.22 per share, based on 66.4 million weighted-average shares outstanding in the third quarter fiscal 2022. This compares to $72.7 million, or $1.22 per share, based on 59.4 million weighted-average shares outstanding, in the year-ago period. Non-GAAP net loss was $7.2 million or $0.11 per share. This compares to $18.2 million or $0.31 per share in the year-ago period.

— As of October 31, 2021, MongoDB had $1.8 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended October 31, 2021, MongoDB used $5.8 million of cash from operations, used $2.2 million of cash in capital expenditures and used $1.2 million of cash in principal repayments of finance leases, leading to negative free cash flow of $9.2 million, compared to negative free cash flow of $14.9 million in the year-ago period.

KEY QUOTE:

“MongoDB delivered another fantastic quarter, highlighted by 84% Atlas revenue growth and increasing our customer count to over 31,000. Our continued success reflects the adoption of our application data platform by customers who need to innovate faster to compete in today’s marketplace.” 

“We believe a key driver of our success has been the early, but growing, trend of customers choosing MongoDB as an enterprise standard for their future application development. Our success across industries and a wide variety of use cases puts us in a great position to build even deeper relationships with our customers over time.”

— Dev Ittycheria, President and Chief Executive Officer of MongoDB

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.