Database software company MongoDB (MDB) will be reporting earnings tomorrow after the bell. Here's what investors should know.
Last quarter MongoDB reported revenues of $361.3 million, up 35.6% year on year, beating analyst revenue expectations by 6.92%. It was a weak quarter for the company, with revenue guidance for the next quarter and full year missing analysts' expectations. The company added 106 enterprise customers paying more than $100,000 annually to a total of 1,651.
Is MongoDB buy or sell heading into the earnings? Read our full analysis here, it's free.
This quarter analysts are expecting MongoDB's revenue to grow 21.6% year on year to $347 million, slowing down from the 57.1% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.19 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 8.22%.
Looking at MongoDB's peers in the data storage segment, some of them have already reported Q1 earnings results, giving us a hint of what we can expect. Commvault Systems's revenues decreased 1.2% year on year, beating analyst estimates by 3.29% and Snowflake reported revenues up 47.6% year on year, exceeding estimates by 2.4%. Commvault Systems traded flat on the results, Snowflake was down 12.8%. 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 the stocks up on average 15.4% over the last month. MongoDB is up 34.3% during the same time, and is heading into the earnings with analyst price target of $262.2, compared to share price of $292.8.
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The author has no position in any of the stocks mentioned.