MongoDB Q1 Results Beat Estimates, Atlas Grows 82 percent

MongoDB, Inc. (NASDAQ:MDB) reported its Q1 earnings, beating Street estimates behind another strong quarter of Atlas growth (up 82% year-over-year), better-than-expected EA growth (up 30% year-over-year), and lower-than-expected OpEx.
Quarterly EPS came in at ($0.20), worse than the Street estimate of ($0.09), while revenue of $285.4 million beats the Street estimate of $266.45 million.
Oppenheimer analysts said they continue to be impressed by the growth in Atlas, which benefited from strong in-quarter expansion. Atlas saw a 1% revenue headwind from a slowdown in consumption in the self-serve and mid-market channels in Europe, which management expects to spread to other geographies as the year progresses.
While the analysts are keeping an eye on this trend, they believe the company has significantly strengthened its enterprise value proposition and believe it can continue its strong Atlas momentum.
The company expects Q2/23 EPS to range from ($0.31) to ($0.28), compared to the Street estimate of ($0.14), and revenue in the range of $279-282 million, compared to the Street estimate of $277.85 million.

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