MongoDB reported fiscal fourth-quarter results late Wednesday that soundly beat estimates on the top and bottom lines but it gave a disappointing outlook. MDB stock fell on the news.
The New York City-based company reported adjusted earnings of 57 cents a share on revenue of $361.3 million in the quarter ended Jan. 31. Analysts had expected adjusted earnings of 7 cents a share on revenue of $339.3 million.
Revenue rose 36% from the year-earlier period. Subscription revenue grew 35% to $348.2 million.
MongoDB forecast first-quarter revenue in the range of $344 million to $348 million, below analyst expectations of $354.7 million. But it expects adjusted earnings of 17 to 20 cents a share. That's above the consensus estimate of 14 cents.
For the full fiscal year ahead, it predicted adjusted earnings of $1.03 a share on sales of $1.495 billion. That's based on the midpoint of its guidance. Wall Street was modeling earnings of 64 cents a share on sales of $1.59 billion, according to FactSet.
MDB Stock Tanks After Earnings Report
MDB stock dropped 8.2% to 210 in after-hours trading on the stock market today.
MongoDB provides an open-source database platform for businesses, with a subscription-based software-as-a-service business model.
"We remain focused on acquiring new customers and workloads while driving greater efficiency across the business, which we are confident will enable us to further capitalize on our long-term opportunity when economic conditions normalize," Chief Executive Dev Ittycheria said in a statement with the earnings report.
MDB stock is up 16% this year.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
