By Yasin Ebrahim
Investing.com — MongoDB on Wednesday reported softer-than-expected revenue expectations offsetting fourth-quarter results, which outperformed on both the top and bottom lines.
MongoDB (NASDAQ:) fell more than 8% after the report.
MongoDB adjusted earnings per share of $0.57 on revenue of $361.3 million, higher than estimates of $0.07 and $339.3 million, respectively (NYSE:).
The company attributed the profit increase to strong revenue growth driven by new business customers.
“Our continued new business momentum is driven in part by an increasing number of enterprise customers looking to standardize on MongoDB’s developer data platform to accelerate innovation while driving greater operational efficiencies across their businesses,” the company said.
Looking ahead to the fiscal first quarter, the company forecasts adjusted earnings per share of $0.17 to $0.20 on revenue of $344 million to $348 million. That compared to Wall Street estimates for earnings per share of $0.13 on revenue of $352.6 million.
For fiscal 2024, adjusted earnings per share were guided in a range of $0.96 to $1.10, above estimates of $0.64. While revenue is expected to be between $1.48 billion and $1.51 billion, estimates of $1.58 billion are lacking.
