Database software company MongoDB (MDB) will be reporting results tomorrow afternoon. Here’s what to expect.
MongoDB beat analysts’ revenue expectations by 3% last quarter, reporting revenues of $478.1 million, up 12.8% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ billings estimates and EPS guidance for next quarter exceeding analysts’ expectations. It added 52 enterprise customers paying more than $100,000 annually to reach a total of 2,189.
Is MongoDB a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting MongoDB’s revenue to grow 14.5% year on year to $495.7 million, slowing from the 29.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.69 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. MongoDB has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 6.1% on average.
Looking at MongoDB’s peers in the data storage segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Commvault Systems delivered year-on-year revenue growth of 16.1%, beating analysts’ expectations by 5.6%, and Snowflake reported revenues up 28.3%, topping estimates by 4.9%. Commvault Systems traded up 18.4% following the results while Snowflake was also up 32.7%.
Read our full analysis of Commvault Systems’s results here and Snowflake’s results here.
There has been positive sentiment among investors in the data storage segment, with share prices up 8.1% on average over the last month. MongoDB is up 18.7% during the same time and is heading into earnings with an average analyst price target of $347.79 (compared to the current share price of $345.99).
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