MongoDB Inc (NASDAQ:MDB) has shrunk its market capitalization by about a third since the start of the year, but stocks are showing signs of life after the company reported better-than-expected results earlier this week.
Customers Indicate They View MongoDB as an Increasingly Strategic Tool, Says MongoDB CEO Dev Ittycheria.
“People really see 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? MongoDB’s CEO told CNBC that the company’s exposure to the war in Ukraine is minimal from a business perspective.
“We have millions in single-digit revenue from Russia. For a billion-dollar company, that’s not really important,” he said.
Revenue Highlights: In the fourth quarter, MongoDB revenue grew 56% year-over-year to $266.5 million, beating the estimate of $241.76 million. Total revenue was $873.8 million for the company’s full fiscal year 2022, a 48% year-over-year increase.
Related Link: Read How Analysts Reacted to MongoDB’s Earnings Beat After Q4
“Five years ago we were a $100 million company,” Ittycheria said. “Secondly, our business is accelerating.” He highlighted the company’s increased revenue growth from 30% a year ago to over 50% today.
“The reason we’re seeing these results…is because we believe marrying a great product with great distribution is the way you should run a B2B business.”
MongoDB expects fiscal 2023 revenue to be between $1.151 billion and $1.181 billion.
MDB Price Action: MongoDB 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 press time.
Photo: Garret Heath from Flickr.
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