MongoDB's 10-Q Report Reveals 70% Revenue From MongoDB Atlas

MongoDB, Inc. has recently released its 10-Q report, providing an insight into the company's financial performance and operations. MongoDB, Inc. is a global provider of a general-purpose database platform, offering services such as MongoDB Atlas, a hosted multi-cloud database-as-a-service solution, MongoDB Enterprise Advanced, a commercial database server, and Community Server, a free-to-download version of its database. The company also offers professional services including consulting and training, and it was formerly known as 10gen, Inc., before changing its name in August 2013.

In ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS, MongoDB, Inc. reported that for the three months ended April 30, 2024, MongoDB Atlas revenue represented 70% of its total revenue, reflecting continued growth since its introduction in June 2016. MongoDB Enterprise Advanced revenue accounted for 25% of the subscription revenue during the same period. The company indicated that it had over 49,200 customers across a wide range of industries and in over 100 countries as of April 30, 2024, compared to over 43,100 customers as of April 30, 2023. MongoDB, Inc. reported that it had over 7,100 customers sold through its direct sales force and channel partners as of April 30, 2024, compared to over 6,700 such customers as of April 30, 2023. Additionally, the company noted that it had over 47,700 MongoDB Atlas customers as of April 30, 2024, compared to over 41,600 as of April 30, 2023.

Regarding revenue, MongoDB, Inc. stated that it generates revenue primarily from sales of subscriptions, which accounted for 97% and 96% of its total revenue for the three months ended April 30, 2024 and 2023, respectively. Revenue from services, consisting primarily of fees associated with consulting and training services, accounted for 3% and 4% of its total revenue for the three months ended April 30, 2024 and 2023, respectively.

The company also highlighted that its operational and financial performance is subject to risks, including those caused by the adverse macroeconomic environment and the geopolitical landscape. During the three months ended April 30, 2024, MongoDB, Inc. experienced slower than historical growth rates for its existing MongoDB Atlas applications due to the adverse macroeconomic conditions. The company intends to continue to invest in acquiring new customers and additional workloads from existing customers across all of its channels. It also aims to drive additional sales to existing customers through its land-and-expand strategy.

Today the company's shares have moved -23.9% to a price of $236.06. If you want to know more, read the company's complete 10-Q report here.

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