Summary by Futu AI
MongoDB, Inc. reported a significant increase in total revenue for the three months ended April 30, 2024, reaching $450.6 million, up from $368.3 million in the same period in 2023. This growth was primarily attributed to a rise in subscription revenue from Direct Sales Customers. Despite the revenue growth, the company's net loss widened to $80.6 million, compared to $54.2 million in the previous year, due to increased investments in sales, marketing, and research and development. Operating cash flow improved to $63.6 million, up from $53.7 million. MongoDB's subscription services, particularly MongoDB Atlas, continue to be the main revenue driver, with Atlas revenue accounting for 70% of total revenue, up from 65% the previous year. The company's global expansion efforts are reflected in the provision for income taxes...Show More