Connect with us

Technology

MongoDB, Inc. Announces First Quarter Fiscal 2025 Financial Results

Published

on

First Quarter Fiscal 2025 Total Revenue of $450.6 million, up 22% Year-over-Year

Continued Strong Customer Growth with Over 49,200 Customers as of April 30, 2024

MongoDB Atlas Revenue up 32% Year-over-Year; 70% of Total Q1 Revenue 

NEW YORK, May 30, 2024 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the first quarter ended April 30, 2024.

“MongoDB’s delivered solid first quarter results, highlighted by 32% Atlas revenue growth. At the same time, we had a slower than expected start to the year for both Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025,” said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

“As we look ahead, we continue to be incredibly excited by our large market opportunity, the potential to increase share, and become a standard within more of our customers. We also see a tremendous opportunity to win more legacy workloads, as AI has now become a catalyst to modernize these applications. MongoDB’s document-based architecture is particularly well-suited for the variety and scale of data required by AI-powered applications.  We are confident MongoDB will be a substantial beneficiary of this next wave of application development.”

First Quarter Fiscal 2025 Financial Highlights

Revenue: Total revenue was $450.6 million for the first quarter of fiscal 2025, an increase of 22% year-over-year. Subscription revenue was $436.9 million, an increase of 23% year-over-year, and services revenue was $13.7 million, an increase of 1% year-over-year.Gross Profit: Gross profit was $327.9 million for the first quarter of fiscal 2025, representing a 73% gross margin compared to 74% in the year-ago period. Non-GAAP gross profit was $337.8 million, representing a 75% non-GAAP gross margin, compared to a non-GAAP gross margin of 76% in the year-ago period.Loss from Operations: Loss from operations was $98.2 million for the first quarter of fiscal 2025, compared to a loss from operations of $68.5 million in the year-ago period. Non-GAAP income from operations was $32.8 million, compared to non-GAAP income from operations of $43.7 million in the year-ago period.Net Loss: Net loss was $80.6 million, or $1.10 per share, based on 73.0 million weighted-average shares outstanding, for the first quarter of fiscal 2025. This compares to a net loss of $54.2 million, or $0.77 per share, in the year-ago period. Non-GAAP net income was $42.7 million, or $0.51 per share, based on 83.2 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $45.3 million, or $0.56 per share, in the year-ago period.Cash Flow: As of April 30, 2024, MongoDB had $2.1 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended April 30, 2024, MongoDB generated $63.6 million of cash from operations, used $0.5 million of cash in capital expenditures and used $2.1 million of cash in principal repayments of finance leases, leading to free cash flow of $61.0 million, compared to free cash flow of $51.8 million in the year-ago period.

A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

First Quarter Fiscal 2025 and Recent Business Highlights

MongoDB announced a number of new products and capabilities at MongoDB.local NYC. Highlights included the preview of MongoDB 8.0—with significant performance improvements such as faster reads and updates, along with significantly faster bulk inserts and time series queries—and the general availability of Atlas Stream Processing to build sophisticated, event-driven applications with real-time data.MongoDB continues to expand its AI ecosystem with the announcement of the MongoDB AI Applications Program (MAAP), which provides customers with reference architectures, pre-built partner integrations, and professional services to help them quickly build AI-powered applications. Accenture will establish a center of excellence focused on MongoDB projects, and is the first global systems integrator to join MAAP.Bendigo and Adelaide Bank partnered with MongoDB to modernize their core banking technology. With the help of MongoDB Relational Migrator and generative AI-powered modernization tools, Bendigo and Adelaide Bank decomposed an outdated consumer-servicing application into microservices and migrated off its underlying legacy relational database technology significantly faster and more easily than a traditional migration.

Second Quarter and Full Year Fiscal 2025 Guidance

Based on information available to management as of today, May 30, 2024, MongoDB is issuing the following financial guidance for the second quarter and full year fiscal 2025.

Second Quarter Fiscal 2025

Full Year Fiscal 2025

Revenue

$460.0 million to $464.0 million

$1.88 billion to $1.90 billion

Non-GAAP Income from Operations

$35.0 million to $38.0 million

$168.0 million to $183.0 million

Non-GAAP Net Income per Share

$0.46 to $0.49

$2.15 to $2.30

Reconciliations of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in MongoDB’s stock price. MongoDB expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.

Conference Call Information

MongoDB will host a conference call today, May 30, 2024, at 5:00 p.m. (Eastern Time) to discuss its financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of MongoDB’s website at https://investors.mongodb.com. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at http://investors.mongodb.com.

Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB’s financial guidance for the second fiscal quarter and full year fiscal 2025 and underlying assumptions, our ability to capitalize on our market opportunity and deliver strong growth for the foreseeable future as well as the criticality of MongoDB to artificial intelligence application development. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: our customers renewing their subscriptions with us and expanding their usage of software and related services; the effects of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the effects of social, ethical and regulatory issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended January 31, 2024, filed with the SEC on March 15, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2024, and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Non-GAAP Financial Measures

This press release includes the following financial measures defined as non-GAAP financial measures by the SEC: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share and free cash flow. Non-GAAP gross profit and non-GAAP gross margin exclude expenses associated with stock-based compensation. Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share exclude:

expenses associated with stock-based compensation including employer payroll taxes upon the vesting and exercising of stock-based awards and expenses related to stock appreciation rights previously issued to our employees in China;amortization of intangible assets for the acquired technology and acquired customer relationships associated with prior acquisitions; andin the case of non-GAAP net income and non-GAAP net income per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on our financial instruments;additionally, non-GAAP net income and non-GAAP net income per share are adjusted for an assumed provision for income taxes based on an estimated long-term non-GAAP tax rate. The non-GAAP tax rate was calculated utilizing a three-year financial projection that excludes the direct impact of the GAAP to non-GAAP adjustments and considers other factors such as operating structure and existing tax positions in various jurisdictions. We intend to periodically reevaluate the projected long-term tax rate, as necessary, for significant events and our ongoing analysis of relevant tax law changes.

MongoDB uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating MongoDB’s ongoing operational performance. MongoDB believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in MongoDB’s industry, many of which may present similar non-GAAP financial measures to investors.

Free cash flow represents net cash from/used in operating activities, less capital expenditures, principal repayments of finance lease liabilities and capitalized software development costs, if any. MongoDB uses free cash flow to understand and evaluate its liquidity and to generate future operating plans. The exclusion of capital expenditures, principal repayments of finance lease liabilities and amounts capitalized for software development facilitates comparisons of MongoDB’s liquidity on a period-to-period basis and excludes items that it does not consider to be indicative of its liquidity. MongoDB believes that free cash flow is a measure of liquidity that provides useful information to investors in understanding and evaluating the strength of its liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business in the same manner as MongoDB’s management and board of directors.

Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, free cash flow or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of MongoDB’s website at https://investors.mongodb.com.

About MongoDB

Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB’s developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today’s wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.

Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com 

Media Relations
MongoDB
press@mongodb.com 

MONGODB, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

April 30, 2024

January 31, 2024

Assets

Current assets:

Cash and cash equivalents  

$           815,704

$           802,959

Short-term investments

1,258,292

1,212,448

Accounts receivable, net of allowance for doubtful accounts of $7,814 and $8,054 as of April 30,

2024 and January 31, 2024, respectively 

266,025

325,610

Deferred commissions  

93,390

92,512

Prepaid expenses and other current assets  

218,914

50,107

Total current assets  

2,652,325

2,483,636

Property and equipment, net  

50,214

53,042

Operating lease right-of-use assets

34,807

37,365

Goodwill  

69,679

69,679

Acquired intangible assets, net

1,303

3,957

Deferred tax assets  

4,524

4,116

Other assets  

221,577

217,847

Total assets  

$        3,034,429

$        2,869,642

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable  

$               9,349

$               9,905

Accrued compensation and benefits  

110,234

112,579

Operating lease liabilities

9,881

9,797

Other accrued liabilities  

84,110

74,831

Deferred revenue  

323,920

357,108

Total current liabilities  

537,494

564,220

Deferred tax liability

770

285

Operating lease liabilities

28,417

30,918

Deferred revenue

16,210

20,296

Convertible senior notes, net

1,144,125

1,143,273

Other liabilities

38,157

41,661

Total liabilities  

1,765,173

1,800,653

Stockholders’ equity:

Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of April 30, 2024

and January 31, 2024; 73,449,966 shares issued and 73,350,595 shares outstanding as of April 30,

2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024

73

73

Additional paid-in capital  

3,068,730

2,777,322

Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of April 30, 2024

and January 31, 2024

(1,319)

(1,319)

Accumulated other comprehensive (loss) income

(6,003)

4,545

Accumulated deficit  

(1,792,225)

(1,711,632)

Total stockholders’ equity

1,269,256

1,068,989

Total liabilities and stockholders’ equity

$        3,034,429

$        2,869,642

 

MONGODB, INC. 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(unaudited)

Three Months Ended April 30,

2024

2023

Revenue:

Subscription  

$         436,896

$         354,714

Services  

13,665

13,566

Total revenue  

450,561

368,280

Cost of revenue:

Subscription(1)

100,762

78,173

Services(1)

21,935

19,276

Total cost of revenue  

122,697

97,449

Gross profit  

327,864

270,831

Operating expenses:

Sales and marketing(1)  

219,444

182,733

Research and development(1)  

146,060

116,817

General and administrative(1)  

60,546

39,828

Total operating expenses  

426,050

339,378

Loss from operations  

(98,186)

(68,547)

Other income, net  

20,174

16,788

Loss before provision for income taxes  

(78,012)

(51,759)

Provision for income taxes  

2,581

2,487

Net loss  

$          (80,593)

$          (54,246)

Net loss per share, basic and diluted  

$              (1.10)

$              (0.77)

Weighted-average shares used to compute net loss per share, basic and diluted

72,990,141

70,177,499

(1) Includes stock‑based compensation expense as follows:

Three Months Ended April 30,

2024

2023

Cost of revenue—subscription  

$                6,163

$                5,514

Cost of revenue—services  

3,255

2,948

Sales and marketing  

39,613

37,606

Research and development  

55,173

44,066

General and administrative  

16,559

13,821

Total stock‑based compensation expense  

$             120,763

$             103,955

 

MONGODB, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

Three Months Ended April 30,

2024

2023

Cash flows from operating activities

Net loss  

$         (80,593)

$         (54,246)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization  

4,826

4,373

Stock-based compensation  

120,763

103,955

Amortization of debt issuance costs

852

847

Amortization of finance right-of-use assets

993

994

Amortization of operating right-of-use assets

2,479

2,225

Deferred income taxes  

7

(188)

Amortization of premium and accretion of discount on short-term investments, net

(7,781)

(13,230)

Unrealized gain on financial instruments

(479)

(2,226)

Unrealized foreign exchange loss

115

429

Change in operating assets and liabilities:

Accounts receivable, net

59,326

73,364

Prepaid expenses and other current assets  

1,233

(2,909)

Deferred commissions  

(4,820)

2,664

Other long-term assets  

166

(46)

Accounts payable  

(547)

(304)

Accrued liabilities  

6,526

(12,631)

Operating lease liabilities

(2,185)

(2,394)

Deferred revenue  

(37,431)

(47,266)

Other liabilities, non-current

163

319

Net cash provided by operating activities  

63,613

53,730

Cash flows from investing activities

Purchases of property and equipment  

(539)

(623)

Investments in non-marketable securities

(1,306)

Proceeds from maturities of marketable securities  

125,000

280,000

Purchases of marketable securities  

(172,604)

(66,789)

Net cash (used in) provided by investing activities  

(48,143)

211,282

Cash flows from financing activities

Proceeds from exercise of stock options

953

1,472

Principal repayments of finance leases

(2,093)

(1,342)

Net cash (used in) provided by financing activities  

(1,140)

130

Effect of exchange rate changes on cash, cash equivalents and restricted cash  

(1,583)

709

Net increase in cash, cash equivalents and restricted cash  

12,747

265,851

Cash, cash equivalents and restricted cash, beginning of period  

803,643

456,339

Cash, cash equivalents and restricted cash, end of period  

$         816,390

$         722,190

 

MONGODB, INC.

RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES

(in thousands, except share and per share data)

(unaudited)

Three Months Ended April 30,

2024

2023

Reconciliation of GAAP gross profit to non-GAAP gross profit:

Gross profit on a GAAP basis

$      327,864

$      270,831

  Gross margin (Gross profit/Total revenue) on a GAAP basis

73 %

74 %

Add back:

  Expenses associated with stock-based compensation: Cost of Revenue—Subscription

6,497

5,688

  Expenses associated with stock-based compensation: Cost of Revenue—Services

3,474

3,385

Non-GAAP gross profit

$      337,835

$      279,904

  Non-GAAP gross margin (Non-GAAP gross profit/Total revenue)

75 %

76 %

Reconciliation of GAAP operating expenses to non-GAAP operating expenses:

Sales and marketing operating expense on a GAAP basis

$      219,444

$      182,733

Less:

  Expenses associated with stock-based compensation

42,154

40,331

  Amortization of intangible assets

85

760

Non-GAAP sales and marketing operating expense

$      177,205

$      141,642

Research and development operating expense on a GAAP basis

$      146,060

$      116,817

Less:

  Expenses associated with stock-based compensation

57,760

45,724

  Amortization of intangible assets

2,568

1,535

Non-GAAP research and development operating expense

$        85,732

$        69,558

General and administrative operating expense on a GAAP basis

$        60,546

$        39,828

Less:

  Expenses associated with stock-based compensation

18,445

14,780

Non-GAAP general and administrative operating expense

$        42,101

$        25,048

Reconciliation of GAAP loss from operations to non-GAAP income from operations:

Loss from operations on a GAAP basis

$      (98,186)

$      (68,547)

  GAAP operating margin (Loss from operations/Total revenue)

(22) %

(19) %

Add back:

  Expenses associated with stock-based compensation

128,330

109,908

  Amortization of intangible assets

2,653

2,295

Non-GAAP income from operations

$        32,797

$        43,656

  Non-GAAP operating margin (Non-GAAP Income from operations/Total revenue)

7 %

12 %

Reconciliation of GAAP net loss to non-GAAP net income:

Net loss on a GAAP basis

$      (80,593)

$      (54,246)

Add back:

  Expenses associated with stock-based compensation

128,330

109,908

  Amortization of intangible assets

2,653

2,295

  Amortization of debt issuance costs related to convertible senior notes

852

847

Less:

  Gains on financial instruments, net

479

2,226

  Income tax effects and adjustments *

8,088

11,316

Non-GAAP net income

$        42,675

$        45,262

Reconciliation of GAAP net loss per share, basic and diluted, to non-GAAP net income per share,
basic and diluted:

Net loss per share, basic and diluted, on a GAAP basis

$          (1.10)

$          (0.77)

Add back:

  Expenses associated with stock-based compensation

1.76

1.57

  Amortization of intangible assets

0.04

0.03

  Amortization of debt issuance costs related to convertible senior notes

0.01

0.01

Less:

  Gains on financial instruments, net

0.01

0.03

  Income tax effects and adjustments *

0.11

0.16

Non-GAAP net income per share, basic

$            0.59

$            0.65

Adjustment for fully diluted earnings per share

(0.08)

(0.09)

Non-GAAP net income per share, diluted **

$            0.51

$            0.56

* Non-GAAP financial information is adjusted for an assumed provision for income taxes based on our long-term projected tax rate of

  20%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP 

  income may differ from our GAAP tax rate and from our actual tax liabilities.

** Diluted non-GAAP net income per share is calculated based upon 83.2 million and 81.5 million of diluted weighted-average shares

    of outstanding common stock for the three months ended April 30, 2024 and 2023, respectively.

 

The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP

measure, for each of the periods indicated (unaudited, in thousands):

Three Months Ended April 30,

2024

2023

Net cash provided by operating activities  

$                     63,613

$                     53,730

Capital expenditures  

(539)

(623)

Principal repayments of finance leases

(2,093)

(1,342)

Capitalized software 

Free cash flow  

$                     60,981

$                     51,765

 

MONGODB, INC.

CUSTOMER COUNT METRICS

The following table presents certain customer count information as of the periods indicated:

4/30/2022

7/31/2022

10/31/2022

1/31/2023

4/30/2023

7/31/2023

10/31/2023

1/31/2024

4/30/2024

Total Customers (a)

35,200+

37,000+

39,100+

40,800+

43,100+

45,000+

46,400+

47,800+

49,200+

Direct Sales Customers(b)

4,800+

5,400+

5,900+

6,400+

6,700+

6,800+

6,900+

7,000+

7,100+

MongoDB Atlas Customers

33,700+

35,500+

37,600+

39,300+

41,600+

43,500+

44,900+

46,300+

47,700+

Customers over $100K(c)

1,379

1,462

1,545

1,651

1,761

1,855

1,972

2,052

2,137

(a) Our definition of “customer” excludes users of our free offerings and all affiliated entities are counted as a single customer.

(b) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.

(c) Represents the number of customers with $100,000 or greater in annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”). 

ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of

Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual consumption of MongoDB Atlas, assuming no increases or reductions

in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual

consumption of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services.

 

MONGODB, INC.

SUPPLEMENTAL REVENUE INFORMATION

The following table presents certain supplemental revenue information as of the periods indicated:

4/30/2022

7/31/2022

10/31/2022

1/31/2023

4/30/2023

7/31/2023

10/31/2023

1/31/2024

4/30/2024

MongoDB Enterprise Advanced: % of Subscription Revenue

33 %

28 %

29 %

28 %

28 %

26 %

27 %

26 %

25 %

Direct Sales Customers(a)

 Revenue: % of Subscription Revenue

87 %

86 %

87 %

88 %

88 %

88 %

88 %

88 %

87 %

(a) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/mongodb-inc-announces-first-quarter-fiscal-2025-financial-results-302159949.html

SOURCE MongoDB, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Schneider Electric India Recognized by Frost & Sullivan as the Indian Company of the Year 2024

Published

on

By

Recognition for boosting customer value with its technologically powered solutions and market-leading position.Schneider Electric India has become a celebrated name in India’s smart metering market, leveraging six decades of operational excellence, industry expertise, and business success.

SAN ANTONIO, Dec. 23, 2024 /CNW/ — Frost & Sullivan recently assessed the metering industry, and based on its analysis, it has recognized Schneider Electric India Pvt Ltd (SEIPL) for the 2024 Indian Company of the Year Award. Schneider Electric India Pvt Ltd (SEIPL) is the Indian arm of Schneider Electric, a global leader in digital transformation of energy management and automation . A recognized name in India’s metering industry, Schneider Electric India draws on over 60 years of expertise and thought leadership in industrial sustainability, universal and software-centric automation, data privacy and security. Serving various sectors, including buildings, infrastructure, industries, data centers, and homes, the company demonstrates its solutions’ scalability, scope, and applicability . It has a robust Indian footprint with 31 factories (including five smart factories) and more than 39,000 employees serving customers in over 500 cities.

Over the years, Schneider Electric India has solidified its leadership position in India’s smart metering market, and the company has a dominant market share in the advanced metering infrastructure (AMI) segment. This superlative performance underscores its ability to deliver innovative and reliable solutions consistently. Schneider Electric’s advanced smart metering devices, equipped with cutting-edge technologies, empower both utilities and consumers. By enabling real-time data transmission and eliminating manual meter readings, these solutions optimize grid management, enhance billing accuracy, and drive operational efficiency—all while empowering consumers to monitor and control their energy consumption, contributing to sustainability and cost savings.

Iqra Azam, best practices research analyst at Frost & Sullivan, observed, “Schneider Electric’s rich history of accomplishments and best practices implementation demonstrates its focus on continuous growth, harmonizing with economic and social sustainability-focused initiatives and fortifying its market leadership.”

Speaking on this recognition, Mr. Deepak Sharma, Zone President, Greater India, and MD & CEO of Schneider Electric India, said, “This recognition underscores our team’s dedication to delivering scalable, cost-effective, and sustainable solutions that set us apart in the smart metering industry. Our strong emphasis on research and development, innovation, and localizing components allows us to meet market demands and provide enhanced value to our customers. Our Mysuru smart metering plant further reinforces our commitment to delivering on this promise.”

The company is strengthening its leadership position in the metering market by actively working to increasing the localization component of its electricity meters sold in India, providing customers with greater value and supporting local economies. By adopting a transparent business approach, Schneider Electric India is building strong, long-lasting customer relationships , providing a clear understanding of its value proposition from the outset.

“Schneider Electric India proves its commitment to sustainability with outstanding initiatives that align with the Indian Government’s approach to a green India. It maintains transparent, reliable, and continuous communication with customers, addressing their unmet needs, evolving demands, and regular queries,” added Neha Tatikota, industry analyst for Energy & Environment at Frost & Sullivan.

Each year, Frost & Sullivan presents a Company of the Year Award to the organization that demonstrates excellence in growth strategy and implementation in its field. The award recognizes a high degree of innovation in products and technologies and the resulting leadership in customer value and market penetration.

The Frost & Sullivan Best Practices Awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.

About Frost & Sullivan

For six decades, Frost & Sullivan has been world-renowned for helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, Mega Trends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.

Contact:

Tarini Singh
P: +91 9953764546
E: tarini.singh@frost.com

About Schneider Electric

Schneider Electric’s purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability for all. At Schneider, we call this Life Is On.

Our mission is to be the trusted partner in Sustainability and Efficiency.

We are a global industrial technology leader bringing world-leading expertise in electrification, automation, and digitization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI-enabled Industrial IoT solutions with connected products, automation, software, and services, delivering digital twins to enable profitable growth for our customers.

We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.

www.se.com  

Follow us on: 

https://twitter.com/SchneiderElechttps://www.facebook.com/SchneiderElectric?brandloc=DISABLEhttps://www.linkedin.com/company/schneider-electrichttps://www.youtube.com/user/SchneiderCorporatehttps://www.instagram.com/schneiderelectric/http://blog.se.com/

Discover the newest perspectives shaping sustainability, electricity 4.0, and next-generation automation on Schneider Electric Insights.

Contact: Binni Rawat
Phone: +91-9999646207
Email ID: binni.rawat@se.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/schneider-electric-india-recognized-by-frost–sullivan-as-the-indian-company-of-the-year-2024-302338196.html

SOURCE Frost & Sullivan

Continue Reading

Technology

ATFX won “Best Online Trading Company Global 2024” at World Business Outlook Awards 2024

Published

on

By

HONG KONG, Dec. 24, 2024 /PRNewswire/ — ATFX, a leading global forex and CFD broker, has been awarded the “Best Online Trading Company Global 2024” by the World Business Outlook Awards. This accolade highlights ATFX’s unwavering dedication to excellence, innovation, and delivering a superior trading experience for its clients worldwide.

This recognition underscores ATFX’s ability to combine cutting-edge trading technology with a client-centric approach. Offering robust platforms, personalized solutions, and extensive educational resources, ATFX ensures traders of all experience levels can navigate financial markets with confidence. Its global reach, paired with localized support, further solidifies its reputation as a trusted trading partner.

The World Business Outlook Awards celebrate organizations that demonstrate exceptional performance and leadership. By earning this award, ATFX has affirmed its position as an industry leader, committed to innovation and transparency. ATFX’s leadership credited this achievement to the trust of its clients, the dedication of its employees, and the company’s focus on staying ahead of industry trends.

Winning the “Best Online Trading Company Global 2024” reflects ATFX’s mission to redefine online trading standards. Moving forward, the company remains focused on enhancing its offerings, supporting financial literacy, and empowering traders globally with unparalleled tools and services.

About  ATFX

ATFX is a leading global fintech broker with a local presence in 23 locations and licenses from regulatory authorities including the UK’s FCA, Australian ASIC, Cypriot CySEC, UAE’s SCA, Hong Kong SFC and South African FSCA. With a strong commitment to customer satisfaction, innovative technology, and strict regulatory compliance, ATFX provides exceptional trading experience to clients worldwide.

For further information on ATFX, please visit ATFX website https://www.atfx.com.

View original content:https://www.prnewswire.com/apac/news-releases/atfx-won-best-online-trading-company-global-2024-at-world-business-outlook-awards-2024-302338218.html

SOURCE ATFX

Continue Reading

Technology

THE STATE OF GLOBAL OPTIMISM REVEALED BY LG IN NEW SURVEY

Published

on

By

Company Unveils the Biggest Topics of Global Optimism: Entertainment, AI and Healthcare.

SEOUL, South Korea, Dec. 23, 2024 /PRNewswire/ — According to the latest research by LG Electronics (LG), 48 percent of consumers say they are more optimistic now than they were compared to six months ago.

The survey, conducted across 16 markets, provides extensive data on global optimism, its drivers and the demographics that feel the most optimistic and happy. The global average optimism score is 7.49/10. France, the UK and Australia were revealed to be among the least optimistic countries, scoring 14.5 percent below the average. Conversely, Saudi Arabia (12 percent above), India (10.8 percent above) and the UAE (8.1 percent above) were the most optimistic. Consumers were most optimistic about their personal growth and development (69 percent) and family dynamics (66 percent), but least optimistic about their finances.

Entertainment, including movies, TV, music and art, was identified as the most significant factor driving optimism (60 percent), followed by AI (56 percent). Less than half of the respondents chose social media (48 percent), while international crises such as war generated the least optimism.

LG conducted the survey to support and understand the nature of happiness, aligning with its brand philosophy, Life’s Good. The results are part of LG’s broader effort to assess the potential and influence of optimism globally, reflecting the company’s commitment to enhancing consumer optimism.

The survey also reveals key aspects of generational attitudes towards optimism. Optimism and happiness both decrease with age, although the latter was found to reduce at a slower rate. Interestingly, despite younger age groups averaging higher rates of happiness and optimism, individuals under 18 reported some of the lowest scores. Additionally, 50 percent of Gen Zs expressed that optimism can be harmful, the highest of any age group. This caution may be due to their life stage, as Gen Zs were twice as likely to disagree about having the tools needed to succeed (16 percent) compared to millennials.

The Role of Social Media

Younger age groups are more likely to search online for positive content and like-minded people to improve optimism. 86 percent of consumers say social media impacts their personal lives, more than those who believe it impacts society (67 percent). Gen Zs are also more likely to talk to a therapist, indulge in shopping or take drastic actions to counter negativity, such as deleting a social media account.

In contrast, older groups tend to seek offline comforts, such as spending time outdoors, seeing family or engaging in hobbies. Younger people appear more willing to seek external methods to boost optimism and happiness compared to their older counterparts.

Optimism your feed

“As a brand that is passionate about spreading optimism, we strive every day to be the most customer-focused we can possibly be.” said Kim Hyo-eun, vice president and head of LG’s Brand Management Division. “Consumers want tools to feed their optimism and belief in the future, and providing this is a key part of LG’s mission. That is why we launched our ‘Optimism your feed‘ campaign, which empowered users to pull more optimistic content into their social media feeds. The campaign has been proven to help consumers boost positive feelings, with 78 percent of people saying they felt more optimistic after seeing the campaign versus before exposure.”

The “Optimism your feed” playlist can be found on LG’s global TikTok channel (@lge_lifesgood) and global YouTube channel (@LGGlobal). More details can be found on the campaign page on www.lg.com/lifesgood/.

Survey Methodology
Global survey conducted by GWI 
Fieldwork conducted from August 26 to October 7, 2024 
Age: Between 16 – 64 years old, all income levels 
Sample size: 300 respondents each across 16 markets, except for 70 respondents in KSA

About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG’s four Companies – Home Appliance Solution, Media Entertainment Solution, Vehicle Solution and the Eco Solution – combined for global revenue of over KRW 82 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.

 

 Media Contacts:

LG Electronics, Inc.

LG Electronics, Inc.

Lea Lee 

Jenny Shin

+82 2 3777 3981

+82 2 3777 3692

lea.lee@lge.com 

jungin.shin@lge.com 

www.LGnewsroom.com  

www.LGnewsroom.com 

Photo – https://mma.prnewswire.com/media/2586173/LG_Electronics.jpg
Logo – https://mma.prnewswire.com/media/2585362/LG_logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/the-state-of-global-optimism-revealed-by-lg-in-new-survey-302337561.html

Continue Reading

Trending