Wednesday, February 1, 2023
HomeMarketMongoDB stock rockets more than 25% on profit surprises

MongoDB stock rockets more than 25% on profit surprises

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MongoDB Inc. shares soared in the extended session Tuesday after the database company surprised Wall Street with a profitable quarter while forecasting another one, while analysts had expected losses.

MongoDB
MDB,
-2.71%
shares surged more than 25% after hours, following a 2.7% decline in the regular session to close at $144.69. Over the year, MongoDB shares have dropped 72.7%, while the tech-heavy Nasdaq Composite Index
COMP,
-2.00%
has fallen 29.6%, and the S&P 500 index
SPX,
-1.44%
has declined 17.3%.

The company reported a third-quarter loss of $84.8 million, or $1.23 a share, compared with a loss of $81.3 million, or $1.22 a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, was 23 cents a share, compared with a loss of 3 cents a share in the year-ago period. Analysts surveyed by FactSet had forecast a loss of 17 cents a share.

Revenue rose to $333.6 million from $226.9 million in the year-ago quarter, while analysts expected revenue of $318 million.

“The strength in our business was driven by improved Atlas consumption trends and continued strength in new business activity,” said Dev Ittycheria, MongoDB’s chief executive, in a statement.

MongoDB forecast adjusted earnings of 6 cents to 8 cents a share on revenue of $334 million to $337 million for the first quarter, and 29 cents to 31 cents a share on revenue of about $1.26 billion for the year.

Analysts estimate a loss of 12 cents a share on revenue of $318 million for the fourth quarter, and a loss of 31 cents a share on revenue of $1.21 billion for the year.

Credit: marketwatch.com

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