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2022 Saw a Slowdown in Usage Growth, But 2023 Saw a Potential Bounce Back. The start of 2023 (FY ‘4) may have seen a partial bounce back, however. Top 100 Customers are 33% of Revenue, and Enterprise Customers are 75% of Revenue. And it wasn’t “profitable” until 2023. Let’s dig in: #1.
Instead of looking at those who are struggling, let’s take a look at the epic growth story of MongoDB, a company crushing it in 2023. That’s about as good as it gets in SaaS and Cloud! While many less efficient public SaaS companies are trading at tough multiples of 3-4x ARR, and the average is about 6x ARR, MongoDB is almost 20x ARR.
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