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For second-quarter fiscal 2024, MongoDB expects revenues between $388 million and $392 million. The Zacks Consensus Estimate for revenues is currently pegged at $389.93 million, indicating growth of 28.41% year over year.
The non-GAAP income from operations is anticipated in the range of $36-$39 million. Non-GAAP net income per share is estimated between 43 cents and 46 cents. For the quarter, the consensus mark for income has remained steady at 45 cents per share in the past 30 days, indicating growth of 295.65% year over year.
Let’s see how things have shaped up for MongoDB for the upcoming announcement.
MongoDB’s fiscal second-quarter performance is expected to have benefited from being the most popular data platform for developers.
In first-quarter fiscal 2024, the company’s Atlas revenues soared 40% year over year, contributing 65% to total revenues. The company had more than 41,600 MongoDB Atlas customers as of Apr 30, 2023 compared with over 33,700 as of Apr 30, 2022.
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 has partnerships with hyperscale vendors like Amazon’s cloud division, Amazon Web Services, Alphabet’s (GOOGL - Free Report) Google Cloud Platform and Microsoft’s (MSFT - Free Report) Azure.
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.
Moreover, MDB collaborated with Google to launch an initiative, which is aimed at facilitating the adoption of generative artificial intelligence (AI) and enabling the development of innovative applications.
Developers can now utilize MongoDB Atlas along with Google Cloud's Vertex AI large language models and benefit from quick-start architecture reviews provided by MDB and Google Cloud professional services. This collaboration aims to accelerate software development for developers.
MongoDB and Alibaba (BABA - Free Report) Cloud have extended its strategic global partnership through 2027. This partnership allows customers to access MongoDB-as-a-service, ApsaraDB for MongoDB, from Alibaba Cloud's data centers worldwide. The collaboration aims to integrate MDB and Alibaba Cloud services to cater to customers in various industries, including gaming, automotive and content development, on a global scale.
MongoDB and these hyperscale vendors have committed to provide a broad range of offerings to customers and enable them to switch easily from one to another.
Customers can go to all three hyperscale’s console 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 Q2 Earnings: What's in the Offing?
MongoDB (MDB - Free Report) is set to report second-quarter fiscal 2024 results on Aug 31.
For second-quarter fiscal 2024, MongoDB expects revenues between $388 million and $392 million. The Zacks Consensus Estimate for revenues is currently pegged at $389.93 million, indicating growth of 28.41% year over year.
The non-GAAP income from operations is anticipated in the range of $36-$39 million. Non-GAAP net income per share is estimated between 43 cents and 46 cents. For the quarter, the consensus mark for income has remained steady at 45 cents per share in the past 30 days, indicating growth of 295.65% 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 second-quarter performance is expected to have benefited from being the most popular data platform for developers.
In first-quarter fiscal 2024, the company’s Atlas revenues soared 40% year over year, contributing 65% to total revenues. The company had more than 41,600 MongoDB Atlas customers as of Apr 30, 2023 compared with over 33,700 as of Apr 30, 2022.
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 has partnerships with hyperscale vendors like Amazon’s cloud division, Amazon Web Services, 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 announced a substantial expansion of its strategic partnership agreement with Microsoft. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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.
Moreover, MDB collaborated with Google to launch an initiative, which is aimed at facilitating the adoption of generative artificial intelligence (AI) and enabling the development of innovative applications.
Developers can now utilize MongoDB Atlas along with Google Cloud's Vertex AI large language models and benefit from quick-start architecture reviews provided by MDB and Google Cloud professional services. This collaboration aims to accelerate software development for developers.
MongoDB and Alibaba (BABA - Free Report) Cloud have extended its strategic global partnership through 2027. This partnership allows customers to access MongoDB-as-a-service, ApsaraDB for MongoDB, from Alibaba Cloud's data centers worldwide. The collaboration aims to integrate MDB and Alibaba Cloud services to cater to customers in various industries, including gaming, automotive and content development, on a global scale.
MongoDB and these hyperscale vendors have committed to provide a broad range of offerings to customers and enable them to switch easily from one to another.
Customers can go to all three hyperscale’s console 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.