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Stock impact report

Euan Blair's start-up loses £60m after rushed US expansion [Yahoo! Finance]

MongoDB, Inc. - Class A (MDB) 
Last mongodb, inc. - class a earnings: 3/17 04:05 pm Check Earnings Report
US:NASDAQ Investor Relations: investors.mongodb.com/investor-relations
Company Research Source: Yahoo! Finance
Multiverse was set up by Mr Blair – son of Sir Tony Blair, the former prime minister – in 2016. It offers to match apprentices to technology companies, and grew revenues by 29pc to £58.4m in the year to March last year. However, losses climbed from £45m to £60.6m. The company said it was on the path to profitability Multiverse, valued at $1.7bn (£1.3bn), laid off staff in the US over the period after Mr Blair conceded that the company had expanded in America too fast. It left a federally-approved apprenticeship system last year after limited enthusiasm for the regulated scheme and said it had “rightsized” staff numbers there. Mr Blair's company, which links apprentices with tech companies such as Microsoft, Google and Just Eat and provides on-the-job training, has continually made losses. The figures were also affected by two acquisitions, of US companies Peergrade and Searchlight, and by a jump in overall staff numbers. Headcount grew from 690 to 822 despite the company Show less Read more
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