MongoDB Stock Plunges After Q1 Results, Weak Forward Guidance

MongoDB, Inc. MDB reported its first-quarter financial results and issued forward-looking guidance after the bell Thursday. Here's a look at the key figures from the report. 

The Details: MongoDB reported quarterly earnings of 51 cents per share, which beat the analyst consensus estimate of 40 cents by 27.5%.

Quarterly sales came in at $450.56 million, beating the analyst consensus estimate of $439.64 million by 2.48% and representing a 22.34% increase over sales of $368.28 million from the same period last year.

Subscription revenue was $436.9 million, an increase of 23% year-over-year, and services revenue was $13.7 million, an increase of 1% year-over-year. Non-GAAP gross profit was $337.8 million, representing a 75% non-GAAP gross margin, compared to a non-GAAP gross margin of 76% in the year-ago period.

“MongoDB’s delivered solid first quarter results, highlighted by 32% Atlas revenue growth. At the same time, we had a slower than expected start to the year for both Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025,” said Dev Ittycheria, president and CEO of MongoDB.

Outlook: MongoDB sees second-quarter earnings of between 46 cents and 49 cents per share, versus the 58 cents estimate, and quarterly revenue in a range of $460 million to $464 million, versus the $470.43 million estimate. The company sees fiscal-year 2025 earnings between $2.15 and $2.30 per share, versus the $2.50 per share estimate, and full-year revenue in a range of $1.88 billion to $1.90 billion, versus the $1.93 billion estimate.

“As we look ahead, we continue to be incredibly excited by our large market opportunity, the potential to increase share, and become a standard within more of our customers. We also see a tremendous opportunity to win more legacy workloads, as AI has now become a catalyst to modernize these applications,” said Ittycheria.

“MongoDB’s document-based architecture is particularly well-suited for the variety and scale of data required by AI-powered applications. We are confident MongoDB will be a substantial beneficiary of this next wave of application development.”

MDB Price Action: According to Benzinga Pro, MongoDB shares are down 22.72% after-hours at $239.57 at the time of publication Thursday.

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