We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
For third-quarter fiscal 2024, MongoDB expects revenues between $400 million and $404 million. The Zacks Consensus Estimate for revenues is currently pegged at $402.75 million, indicating growth of 20.72% year over year.
The non-GAAP income from operations is anticipated in the range of $41-$44 million. Non-GAAP net income per share is estimated between 47 cents and 50 cents. For the quarter, the consensus mark for income per share has remained steady at 49 cents in the past 30 days, indicating growth of 113.04% year over year.
Let’s see how things have shaped up for MongoDB for the upcoming announcement.
MongoDB’s fiscal third-quarter performance is expected to have benefited from the increasing popularity of its data platform among developers.
In second-quarter fiscal 2024, the company’s Atlas revenues soared 38% year over year, contributing 63% to total revenues. The company had more than 43,500 MongoDB Atlas customers as of Jul 31, 2023 compared with over 41,600 as of Apr 30, 2023.
Management is focused on acquiring new customers as well as cross selling to existing customers and retaining them. It is observed that the existing customers are adopting the new features of the company which are introduced to the marketplace.
MongoDB launched Atlas for Industries, a comprehensive and industry-specific set of programs, expertise, partnerships and integrated solutions to support customers on their modernization journey. MDB launched Atlas for Financial Services at the NYC.local event, followed by Atlas for Public Sector, with additional industries coming later in the year.
The company also introduced MongoDB Atlas for Manufacturing and Automotive, a new initiative that helps organizations innovate with real-time data and build applications that take advantage of intelligent and connected technology.
MongoDB has partnerships with hyperscale vendors like Amazon’s (AMZN - Free Report) cloud division, Amazon Web Services (“AWS”), Alphabet’s (GOOGL - Free Report) Google Cloud Platform and Microsoft’s (MSFT - Free Report) Azure.
In the to-be-reported quarter, this Zacks Rank #3 (Hold) company introduced MongoDB Atlas for the Edge, a set of capabilities that make it easier for organizations to deploy applications closer to where real-time data is generated, processed and stored across devices, on-premises data centers and major cloud providers. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Data stored in MongoDB Enterprise Advanced on self-managed servers can be automatically synced with MongoDB Atlas Edge Server on AWS Local Zones and MongoDB Atlas in the cloud to deliver real-time application experiences to edge devices with high reliability and single-digit millisecond latency.
The company continues to make significant progress in building out an artificial intelligence (AI) ecosystem, anchored by the announcement of an expanded partnership with Google Cloud that enables developers to use state-of-the-art AI foundation models from Google to accelerate the use of generative AI. In addition, the company launched MDB's AI Innovators Program, which provides customers with access to technology and partnerships to help them build with generative AI.
In the to-be-reported quarter, MDB announced new intelligent developer experiences that use generative AI to help developers more quickly and easily build applications on MongoDB, the world's most popular document-based data platform that millions of developers and tens of thousands of customers rely on for their business-critical applications.
The new generative AI features in MongoDB Relational Migrator, MongoDB Compass, MongoDB Atlas Charts and MongoDB Documentation reduce the time and effort developers spend on undifferentiated tasks and allow them to instead focus on hard-to-solve problems and building modern applications.
The company is benefitting from a substantial expansion of its strategic partnership agreement with Microsoft. The two companies are collaborating to facilitate customers' cloud adoption journeys, with initiatives like improved accessibility to MongoDB Atlas through the Microsoft commercial marketplace. This partnership is expected to have enabled millions of developers using the Azure portal to easily discover and utilize MongoDB Atlas.
MongoDB and these hyperscale vendors have committed to providing a broad range of offerings to customers and enabling them to switch easily from one to another.
Customers can go to all three hyperscale consoles and sign up for Atlas. This is expected to have helped the company reach a new customer base in the to-be-reported quarter.
Image: Shutterstock
MongoDB (MDB) to Report Q3 Earnings: What's in the Offing?
MongoDB (MDB - Free Report) is set to report third-quarter fiscal 2024 results on Dec 5.
For third-quarter fiscal 2024, MongoDB expects revenues between $400 million and $404 million. The Zacks Consensus Estimate for revenues is currently pegged at $402.75 million, indicating growth of 20.72% year over year.
The non-GAAP income from operations is anticipated in the range of $41-$44 million. Non-GAAP net income per share is estimated between 47 cents and 50 cents. For the quarter, the consensus mark for income per share has remained steady at 49 cents in the past 30 days, indicating growth of 113.04% year over year.
Let’s see how things have shaped up for MongoDB for the upcoming announcement.
MongoDB, Inc. Price and EPS Surprise
MongoDB, Inc. price-eps-surprise | MongoDB, Inc. Quote
Factors to Consider
MongoDB’s fiscal third-quarter performance is expected to have benefited from the increasing popularity of its data platform among developers.
In second-quarter fiscal 2024, the company’s Atlas revenues soared 38% year over year, contributing 63% to total revenues. The company had more than 43,500 MongoDB Atlas customers as of Jul 31, 2023 compared with over 41,600 as of Apr 30, 2023.
Management is focused on acquiring new customers as well as cross selling to existing customers and retaining them. It is observed that the existing customers are adopting the new features of the company which are introduced to the marketplace.
MongoDB launched Atlas for Industries, a comprehensive and industry-specific set of programs, expertise, partnerships and integrated solutions to support customers on their modernization journey. MDB launched Atlas for Financial Services at the NYC.local event, followed by Atlas for Public Sector, with additional industries coming later in the year.
The company also introduced MongoDB Atlas for Manufacturing and Automotive, a new initiative that helps organizations innovate with real-time data and build applications that take advantage of intelligent and connected technology.
MongoDB has partnerships with hyperscale vendors like Amazon’s (AMZN - Free Report) cloud division, Amazon Web Services (“AWS”), Alphabet’s (GOOGL - Free Report) Google Cloud Platform and Microsoft’s (MSFT - Free Report) Azure.
In the to-be-reported quarter, this Zacks Rank #3 (Hold) company introduced MongoDB Atlas for the Edge, a set of capabilities that make it easier for organizations to deploy applications closer to where real-time data is generated, processed and stored across devices, on-premises data centers and major cloud providers. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Data stored in MongoDB Enterprise Advanced on self-managed servers can be automatically synced with MongoDB Atlas Edge Server on AWS Local Zones and MongoDB Atlas in the cloud to deliver real-time application experiences to edge devices with high reliability and single-digit millisecond latency.
The company continues to make significant progress in building out an artificial intelligence (AI) ecosystem, anchored by the announcement of an expanded partnership with Google Cloud that enables developers to use state-of-the-art AI foundation models from Google to accelerate the use of generative AI. In addition, the company launched MDB's AI Innovators Program, which provides customers with access to technology and partnerships to help them build with generative AI.
In the to-be-reported quarter, MDB announced new intelligent developer experiences that use generative AI to help developers more quickly and easily build applications on MongoDB, the world's most popular document-based data platform that millions of developers and tens of thousands of customers rely on for their business-critical applications.
The new generative AI features in MongoDB Relational Migrator, MongoDB Compass, MongoDB Atlas Charts and MongoDB Documentation reduce the time and effort developers spend on undifferentiated tasks and allow them to instead focus on hard-to-solve problems and building modern applications.
The company is benefitting from a substantial expansion of its strategic partnership agreement with Microsoft. The two companies are collaborating to facilitate customers' cloud adoption journeys, with initiatives like improved accessibility to MongoDB Atlas through the Microsoft commercial marketplace. This partnership is expected to have enabled millions of developers using the Azure portal to easily discover and utilize MongoDB Atlas.
MongoDB and these hyperscale vendors have committed to providing a broad range of offerings to customers and enabling them to switch easily from one to another.
Customers can go to all three hyperscale consoles and sign up for Atlas. This is expected to have helped the company reach a new customer base in the to-be-reported quarter.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.