MongoDB delivers stellar earnings and revenue beat, but its stock tanks anyway
Database company MongoDB Inc. crushed Wall Street’s forecasts as it delivered its second-quarter financial results today and followed up with strong guidance for the current quarter and even raised its full-year outlook. But if anyone was thinking that ought to be enough to boost its share price, they would have been sorely disappointed, for the […] The post MongoDB delivers stellar earnings and…
Database firm MongoDB Inc. exceeded expectations in its second-quarter financial results, announcing $1.90 earnings per share, surpassing analysts' target of $1.62. Revenue grew by 30%, reaching $771.8 million, well above the estimated $735 million. The company reported a net profit of $40.9 million for the quarter, a stark contrast to the prior year's $47 million loss.
MongoDB also raised its full-year outlook, targeting earnings of $6.39 to $6.58 per share and revenue between $2.99 billion and $3.03 billion, an improvement from the earlier range of $5.95 to $6.14 per share and $2.92 billion to $2.96 billion. MongoDB's President and CEO CJ Desai highlighted the company's 30% revenue growth as the highest in several years, attributing it to the platform's critical role for customers and core enterprise workloads.
However, despite the impressive numbers, MongoDB's stock price fell significantly after-hours, dropping more than 14% due to investors' disappointment over the growth rate of its cloud-hosted MongoDB Atlas service. The stock had already declined 4% during regular trading, wiping out much of the month's gains, leaving MongoDB's stock up only 3% for the year.
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