MongoDB, Inc. (MDB) shares are climbing after the company reported its second-quarter financial results, which exceeded analyst expectations. The strong performance sent the stock up over 13% in after-hours trading.
Here’s a closer look at the key highlights from the quarter:
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Earnings:
MongoDB reported earnings of 70 cents per share, beating the analyst consensus estimate of 49 cents by 42.86%.*
Revenue:
Quarterly sales came in at $478.1 million, surpassing the consensus estimate by 3.03% and representing growth of 12.82% from the same period last year.*
Subscription Revenue:
Subscription revenue was $463.8 million, an increase of 13% year-over-year.*
Services Revenue:
Services revenue was $14.3 million, a decrease of 1% year-over-year.MongoDB’s CEO, Dev Ittycheria, attributed the strong results to “healthy second-quarter results, highlighted by strong new workload acquisition and better-than-expected Atlas consumption trends.” He emphasized that the company’s platform plays a crucial role in modern application development and is well-positioned to help customers incorporate generative AI and modernize their legacy systems.
Looking ahead, MongoDB expects third-quarter revenue to be between $493 million and $497 million, exceeding analyst estimates. The company also anticipates earnings of between 65 cents and 68 cents per share. For the full fiscal year, MongoDB projects revenue in the range of $1.92 billion to $1.93 billion and earnings between $2.33 and $2.47 per share.
MongoDB’s strong performance and positive outlook have fueled investor optimism, driving the company’s shares higher. The company’s focus on growth and innovation in the rapidly evolving technology landscape appears to be paying off.
