MongoDB's Stock Gains 5% After Earnings Top Expectations, AI in Focus

Dow Jones2023-09-01

Shares of MongoDB Inc. rallied nearly 5% in the extended session Thursday after the software company reported fiscal 2024 second-quarter earnings well above forecasts and said it has an “even stronger” competitive advantage “in the world of AI.”

MongoDB lost $37.6 million, or 53 cents a share, in the quarter, compared with a net loss of $118.9 million, or $1.74 a share, in the year-ago period. Adjusted for one-time items, MongoDB earned 93 cents a share. Revenue rose 40% to $423.8 million, the company said. Analysts polled by FactSet expected adjusted earnings of 46 cents a share on sales of $394 million.

“We are at the early stages of AI powering the next wave of application development,” Chief Executive Dev Ittycheria said in a statement.

MongoDB “provides developers a unified platform that supports both the foundational requirements necessary for any application and the exceptionally demanding needs of AI-specific applications,” he said.

The company guided for full-year revenue of $1.596 billion to $1.608 billion and adjusted EPS of $2.27 to $2.35 for the fiscal 2024. Shares of MongoDB ended the regular trading day up 1.5%.

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