Business
MongoDB, Inc. Announces Third Quarter Fiscal 2024 Financial Results
Third Quarter Fiscal 2024 Total Revenue of $432.9 million, up 30% Year-over-Year Continued Strong Customer Growth with Over 46,400 Customers as of October 31,
About this update from Mongodb, Inc.
[{"type":"text","content":"Third Quarter Fiscal 2024 Total Revenue of $432.9 million, up 30% Year-over-Year\nContinued Strong Customer Growth with Over 46,400 Customers as of October 31, 2023\nMongoDB Atlas Revenue up 36% Year-over-Year; 66% of Total Q3 Revenue \nNEW YORK, Dec. 5, 2023 /PRNewswire/ -- MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the third quarter ended October 31, 2023.\n\n \n \n \n \n \n \n\n \n\"MongoDB continued to perform at a high level in the third quarter, as evidenced by 30% revenue growth and better-than-expected profitability. We are pleased by our success in winning new workloads from both new and existing customers across verticals, geographies, and customer segments,\" said Dev Ittycheria, President and Chief Executive Officer of MongoDB.\n\"MongoDB has clearly established itself as an indispensable part of the tech stack of any organization focused on building durable competitive differentiation through software development. The recent general availability release of MongoDB Vector Search is the latest example of the strength of our innovation flywheel and reinforces our competitive advantage in winning AI workloads.\" \nThird Quarter Fiscal 2024 Financial Highlights\nRevenue: Total revenue was $432.9 million for the third quarter of fiscal 2024, an increase of 30% year-over-year. Subscription revenue was $418.3 million, an increase of 30% year-over-year, and services revenue was $14.6 million, an increase of 13% year-over-year.Gross Profit: Gross profit was $325.9 million for the third quarter of fiscal 2024, representing a 75% gross margin compared to 72% in the year-ago period. Non-GAAP gross profit was $335.3 million, representing a 77% non-GAAP gross margin, compared to a non-GAAP gross margin of 74% in the year-ago period.Loss from Operations: Loss from operations was $45.2 million for the third quarter of fiscal 2024, compared to a loss from operations of $82.9 million in the year-ago period. Non-GAAP income from operations was $78.5 million, compared to a non-GAAP income from operations of $19.8 million in the year-ago period.Net Loss: Net loss was $29.3 million, or $0.41 per share, based on 71.6 million weighted-average shares outstanding, for the third quarter of fiscal 2024. This compares to a net loss of $84.8 million, or $1.23 per share, in the year-ago period. Non-GAAP net income was $7...