MDB - Why MongoDB Stock Dropped Today
2023-12-06 14:22:51 ET
Shares of MongoDB (NASDAQ: MDB) are down 7.8% as of 1:45 p.m. ET Wednesday despite an impressive quarterly report from the NoSQL database platform provider.
For MongoDB's fiscal third quarter ended Oct. 31, 2023, revenue grew 30% year over year to $432.9 million, translating to adjusted ( non-GAAP ) net income of $79.1 million, or $0.96 per share. By comparison, most analysts were modeling earnings of $0.50 per share on revenue of $404 million.
Within MongoDB's top line, revenue from MongoDB Atlas -- its fully managed cloud database platform -- grew 36% year over year to comprise 66% of total quarterly revenue. MongoDB saw continued momentum in customer growth as well, with its total number of customers up 18.7% year over year to over 46,400. The number of customers generating annual recurring revenue of at least $100,000 grew 28% year over year to 1,972.
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Why MongoDB Stock Dropped Today