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Jan 31, 2023
MongoDB Q4 2023 Earnings Report
MongoDB's Q4 2023 financial results were announced, revealing a 36% year-over-year increase in total revenue, reaching $361.3 million. The company demonstrated continued customer growth, exceeding 40,800 customers, and MongoDB Atlas revenue saw a 50% year-over-year increase, contributing 65% of the total Q4 revenue.
Key Takeaways
MongoDB reported a strong Q4 2023 with total revenue of $361.3 million, a 36% increase year-over-year. Atlas revenue grew by 50%, representing 65% of total revenue. The company's customer base exceeded 40,800. They provided FY24 revenue guidance of $1.480 billion to $1.510 billion.
Total revenue for Q4 2023 reached $361.3 million, up 36% year-over-year.
MongoDB Atlas revenue increased by 50% year-over-year and accounted for 65% of total Q4 revenue.
The company's customer base grew to over 40,800 by the end of January 31, 2023.
MongoDB signed a new 5-year strategic partnership agreement with Microsoft Azure.
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MongoDB Revenue by Segment
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Services Revenue
CapyFin.com Forward Guidance
MongoDB provided financial guidance for the first quarter and full year fiscal 2024. They anticipate revenue between $344.0 million and $348.0 million for Q1 2024, and between $1.480 billion and $1.510 billion for the full year. Non-GAAP income from operations is expected to be between $10.0 million and $13.0 million for Q1, and between $69.0 million and $84.0 million for the full year. Non-GAAP net income per share is projected to be between $0.17 and $0.20 for Q1, and between $0.96 and $1.10 for the full year.
Positive Outlook
- Revenue guidance provided for Q1 2024: $344.0 million to $348.0 million
- Revenue guidance provided for FY 2024: $1.480 billion to $1.510 billion
- Non-GAAP income from operations guidance for Q1 2024: $10.0 million to $13.0 million
- Non-GAAP income from operations guidance for FY 2024: $69.0 million to $84.0 million
- Non-GAAP net income per share guidance for FY 2024: $0.96 to $1.10
Challenges Ahead
- Reconciliation of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures is not available without unreasonable efforts on a forward-looking basis.
- Variability of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in MongoDB’s stock price.
- Variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.
- Guidance includes an additional non-GAAP tax provision.
- The company expects the variability of charges to have unpredictable impact on future GAAP financial results