AI Software Demand Helps Lift MongoDB Stock
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Key TakeawaysMongoDB raised its guidance after beating expectations on the top and bottom lines.Sales of MongoDB Atlas rose 27%, making up 71% of total revenue at the database software company. CEO Dev Ittycheria said the company is "well positioned" to help businesses incorporate generative AI.
MongoDB (MDB) shares rocketed higher after the bell Thursday after the company raised its full-year guidance alongside second-quarter results that topped expectations.The database software company now expects 2024 revenue of $1.925 billion at the midpoint of its range, up from $1.89 billion a quarter earlier. MongoDB also raised its earnings per share (EPS) estimate to a midpoint of $2.40, up from $2.22.Second-quarter revenue rose 13% to $478.1 million, driven by 27% growth in sales of its MongoDB Atlas multi-cloud developer data platform. The company posed a net loss of $54.5 million, or 74 cents per share, compared to $37.6 million, 53 cents per share, a year earlier. Both revenue and earnings beat the Visible Alpha analyst consensus. MongoDB is aiming to capitalize on demand for artificial intelligence (AI) software across a wide breadth of sectors. "We believe we are incredibly well positioned to help customers incorporate generative AI into their business and modernize their legacy application estate," CEO Dev Ittycheria said.MongoDB shares jump[ed about 14% in aftermarket trading after rising in the regular session. They remain down substantially this year, thanks in part to disappointing results last quarter. Read the original article on Investopedia.
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