Business
MongoDB, Inc. Announces Second Quarter Fiscal 2024 Financial Results
Second Quarter Fiscal 2024 Total Revenue of $423.8 million, up 40% Year-over-Year Continued Strong Customer Growth with Over 45,000 Customers as of July 31,
About this update from Mongodb, Inc.
[{"type":"text","content":"Second Quarter Fiscal 2024 Total Revenue of $423.8 million, up 40% Year-over-Year\nContinued Strong Customer Growth with Over 45,000 Customers as of July 31, 2023\nMongoDB Atlas Revenue up 38% Year-over-Year; 63% of Total Q2 Revenue \nNEW YORK, Aug. 31, 2023 /PRNewswire/ -- MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the second quarter ended July 31, 2023.\n\n \n \n \n \n \n \n\n \n\"MongoDB delivered excellent results in the second quarter, highlighted by 40% revenue growth, continued strength in new workload acquisition and record operating margin. The ongoing success of our new business efforts for Atlas and Enterprise Advanced across our sales channels is a testament to the value of MongoDB's run anywhere strategy which enables customers of any size to innovate faster and more efficiently,\" said Dev Ittycheria, President and Chief Executive Officer of MongoDB.\n\"We are at the early stages of AI powering the next wave of application development. We believe MongoDB provides developers a unified platform that supports both the foundational requirements necessary for any application and the exceptionally demanding needs of AI-specific applications, making our competitive advantage even stronger in the world of AI.\"\nSecond Quarter Fiscal 2024 Financial Highlights\nRevenue: Total revenue was $423.8 million for the second quarter of fiscal 2024, an increase of 40% year-over-year. Subscription revenue was $409.3 million, an increase of 40% year-over-year, and services revenue was $14.5 million, an increase of 20% year-over-year.Gross Profit: Gross profit was $318.5 million for the second quarter of fiscal 2024, representing a 75% gross margin compared to 71% in the year-ago period. Non-GAAP gross profit was $329.0 million, representing a 78% non-GAAP gross margin, compared to a non-GAAP gross margin of 73% in the year-ago period.Loss from Operations: Loss from operations was $49.0 million for the second quarter of fiscal 2024, compared to a loss from operations of $114.8 million in the year-ago period. Non-GAAP income from operations was $79.1 million, compared to a non-GAAP loss from operations of $12.4 million in the year-ago period.Net Loss: Net loss was $37.6 million, or $0.53 per share, based on 70.9 million weighted-average shares outstanding, for the second quarter of fiscal 2024. This compares t...