MongoDB Inc (NASDAQ:MDB) has trimmed about one-third of its market cap year-to-date, but shares are showing signs of life after the company reported better-than-expected results earlier this week.
Customers are indicating that they view MongoDB as an increasingly strategic tool, according to MongoDB CEO Dev Ittycheria.
"People really view MongoDB as a truly strategic platform to drive their innovation agenda and build applications that transform their business," Ittycheria said Thursday on CNBC's "TechCheck."
Geopolitical Impacts? The MongoDB CEO told CNBC that the company's exposure to the war in Ukraine is minimal from a business standpoint.
"We have in the low-single-digit millions of revenue coming out of Russia. For a billion dollar business, that's not really material," he said.
Revenue Highlights: In the fourth quarter, MongoDB revenue grew 56% year-over-year to $266.5 million, which beat the $241.76 million estimate. Total revenue was $873.8 million for the company's full fiscal year 2022, an increase of 48% year-over-year.
Related Link: Read How Analysts Reacted To MongoDB Post Q4 Earnings Beat
"Five years ago we were a $100 million business," Ittycheria said. "Second, our business is accelerating." He highlighted the company's revenue growth increase from the 30% range a year ago to above 50% today.
"The reason we are seeing these results ... is that we believe marrying a great product with great distribution is how you have to run a B2B business."
MongoDB expects full fiscal year 2023 revenue to be between $1.151 billion and $1.181 billion.
MDB Price Action: MongoDB has traded as low as $238.01 and as high as $590 over a 52-week period.
The stock was down 1.16% at $330.20 at time of publication.
Photo: Garrett Heath from Flickr.
