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MongoDB (MDB) up 21% as Q3 earnings beat estimates

By Joyanta Acharjee

13:34, 7 December 2021

Database code on a screen
The MongoDB database platform has been downloaded over 210 million times – Photo: Shutterstock

MongoDB stock was up in pre-market trading on Tuesday as the database software company reported fiscal third-quarter earnings that beat analyst expectations.

For the fiscal third quarter ended 31 October, its net loss widened to $81.3m (£61.3m) from a loss of $72.7m a year earlier. Total revenue increased 50% to $226.9m from $150.8m in the third quarter of 2020.

The adjusted non-GAAP net loss narrowed to 11 cents per share, beating analyst expectations of an adjusted loss of 38 cents on total revenue of $205.3m, according to figures widely available on financial news sites.

Stock up 21%

In pre-market trading the stock was up 21% at $520.75.

“MongoDB delivered another fantastic quarter, highlighted by 84% Atlas revenue growth and increasing our customer count to over 31,000,” said MongoDB CEO Dev Ittycheria. “Our continued success reflects the adoption of our application data platform by customers who need to innovate faster to compete in today’s marketplace”. 

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Subscription revenue up 51%

The company said subscription revenue in the quarter was $217.9m, an increase of 51% year over year, while services revenue was $9.0m, an increase of 35%.

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Its MongoDB Atlas for Government cloud database software is currently being evaluated for use by the US Department of Health and Human Services.

Once authorised, MongoDB said it will be positioned to better capitalise on the significant popularity of MongoDB across a number of US federal government agencies.

Q4 guidance

Looking ahead, MongoDB said it expects an adjusted fourth-quarter net loss of 24 cents to 21 cents per share on revenue of $239m to $242m.

The MongoDB database platform has been downloaded over 210 million times, and the company has more than 31,000 customers in over 100 countries.

Read more: Google to lower fees for its cloud service

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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