MongoDB Inc. shares soared nearly 23% higher in after-hours trading Thursday, after the database-software company’s earnings and forecast crushed expectations.
MongoDB reported a first-quarter loss of $54.2 million, or 77 cents a share, on sales of $368.3 million, up from $285.4 million a year ago. After adjusting for stock compensation and other effects, the company reported earnings of 56 cents a share, up from 20 cents a share a year ago.
Analysts on average were expecting adjusted earnings of 18 cents a share on sales of $348 million, according to FactSet.
Chief Executive Dev Ittycheria credited the outperformance to signing up more new customers in the new quarter than MongoDB had in more than two years. “MongoDB began fiscal 2024 with strong first quarter results, highlighted by 40% Atlas revenue growth and the most net new customer additions in over two years,” he said in a statement. Executives expect the gains to continue, guiding for second-quarter adjusted earnings of 43 cents to 46 cents a share on sales of $388 million to $392 million.
Analysts on average were projecting adjusted earnings of 14 cents a share on sales of $363 million, according to FactSet.
MongoDB executives also raised their annual guidance, and now expect adjusted earnings of $1.42 to $1.56 a share on sales of $1.52 billion to $1.54 billion, after previously guiding for 96 cents to $1.10 a share on sales of $1.48 billion to $1.51 billion.
MongoDB shares have already gained 49.3% in 2023, as the S&P 500 index has increased 8.9%.
