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Apr 30, 2023
MongoDB Q1 2024 Earnings Report
MongoDB's first quarter of fiscal 2024 was marked by strong revenue growth, customer acquisition, and advancements in AI capabilities.
Key Takeaways
MongoDB reported strong first quarter results with a 29% year-over-year increase in total revenue, driven by 40% growth in Atlas revenue. The company added the most net new customers in over two years, highlighting the mission criticality of its developer data platform. MongoDB is confident that its platform is well-positioned to benefit from the next wave of AI applications.
Total revenue reached $368.3 million, a 29% increase year-over-year.
MongoDB Atlas revenue grew by 40% year-over-year and accounted for 65% of total Q1 revenue.
The company achieved continued customer growth, exceeding 43,100 customers.
MongoDB and Alibaba extended their strategic partnership through 2027, with plans to further integrate MongoDB and Alibaba Cloud services.
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MongoDB Revenue by Segment
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CapyFin.com Forward Guidance
MongoDB provided financial guidance for the second quarter and full year fiscal 2024.
Positive Outlook
- Revenue for Q2 is expected to be between $388.0 million and $392.0 million.
- Revenue for the full year is projected to be between $1.522 billion and $1.542 billion.
- Non-GAAP income from operations for Q2 is expected to be between $36.0 million and $39.0 million.
- Non-GAAP income from operations for the full year is projected to be between $110.0 million and $125.0 million.
- Non-GAAP net income per share for Q2 is expected to be between $0.43 and $0.46.