MongoDB Inc (NASDAQ:MDB) reported first quarter results that topped Wall Street expectations on both revenue and earnings, while also raising its full-year guidance, citing continued strength in its Atlas cloud database business.
Total revenue for the quarter came in at $687.6 million, up 25% year-over-year and ahead of consensus estimates of about $664.5 million
Subscription revenue totaled $666.1 million, also up 25%, while services revenue rose 22% to $21.5 million. Growth was again led by MongoDB Atlas, the company’s cloud database platform, which increased more than 29% year-over-year and remains the primary driver of overall performance. Enterprise Advanced and other revenue grew more than 13% from a year earlier.
On the bottom line, MongoDB reported adjusted earnings per share of $1.32, exceeding analyst expectations of $1.19 and compared with $1.00 in the same period last year. MongoDB also reported strong growth in remaining performance obligations (RPO), which rose 88% year-over-year to $1.46 billion. Current RPO increased 69% to $766.3 million, reflecting continued demand visibility.