MongoDB (NASDAQ:MDB ) rallied in postmarket action on Thursday after its Q2 earnings report showed off benefits from strong new workload acquisition a

MongoDB rallies after strong Atlas trends lead to earnings topper, raised guidance

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2024-08-30 04:00:02

MongoDB (NASDAQ:MDB ) rallied in postmarket action on Thursday after its Q2 earnings report showed off benefits from strong new workload acquisition and better-than-expected Atlas consumption trends.

Total revenue was up 12.8% year-over-year to $478.1 million for the quarter that ended on July 31. The New York City-based company saw subscription revenue rise 13% to $463.8 million, while services revenue fell 1% for the period.

Non-GAAP gross profit was $360.8 million, representing a 75% non-GAAP gross margin, compared to a non-GAAP gross margin of 78% in the year-ago period. Non-GAAP income from operations was $52.5 million, compared to non-GAAP income from operations of $79.1 million in the year-ago period. EPS was reported at $0.70 vs. $0.48 consensus and $0.93 a year ago.

On the balance sheet, MongoDB (MDB) had $2.3 billion in cash, cash equivalents, short-term investments and restricted cash at the end of the quarter. During Q3, MongoDB (MDB) used $1.4 million of cash in operations, used $1.1 million of cash in capital expenditures, and used $1.5 million of cash in principal repayments of finance leases, leading to negative free cash flow of $4.0 million. That mark was closer to break-even than the negative free cash flow of $27.3 million a year ago.