On Wednesday, MongoDB unveiled its strong financial results for the fourth quarter of the fiscal year, which ended January 31, 2023.
Its stock price increased by 2.26% to $228.70 on March 08. However, it is expected to drop by -11.22% to $203.05 in the upcoming session.
The earnings per share of MongoDB rose by $0.57, topping the market forecasts of $0.07. Therefore, it is higher than the previous $0.23 data.
Likewise, its revenue went up by $361.30 million, beating the $339.31 estimates. As a result, it is better than the former $333.60 million figures.
For the fourth quarter of fiscal 2023, the company’s gross profit was $272.20 million, equating to a 75.00% growth. It is an improvement versus 72.00% in the year-ago period.
Meanwhile, its loss from operations was $72.90 million, compared to the $78.60 million from last year’s period. Moreover, its Generally Accepted Accounting Principles (GAAP) income was $37.20 million from operations.
Moreover, revenue from subscriptions was MongoDB’s primary sales source during the quarter. It represents progress by 35.00% to $348.20 million. Also, services made up the other sectors of its revenue at $13.10 million.
On January 31, 2023, MongoDB hit $1.80 billion in cash, cash equivalents, restricted cash, and short-term investments. In addition, the firm generated $25.90 million within three months.
Google Cloud and MongoDB Broadens Partnership
To support startups better, Google Cloud and MongoDB are expanding their partnership.
Additionally, Google Cloud is providing integrated database and data services through the expansion. Besides, the company is already a popular choice for startups and developers.
Furthermore, launches will gain advantages from their global reach. It makes them able to broaden and scale as needed.
Also, the partnership between MongoDB and Google Cloud is a big win for startups.
Moreover, for users early in the startup journey, their first year of Cloud and Firebase usage is covered with $100,000.00 credits.
As partners, Google Cloud and MongoDB worked on streamlining integrations to make it easier to deploy applications.