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Mongodb Inc (MDB) reported better than expected earnings this afternoon for Q2 2024.

Analyst expectations for Mongodb Inc Cl A earnings per share (EPS) were at $0.46, with the company surpassing those estimates with a reported EPS of $0.93, leading to a positive surprise of $0.47 per share (102%). Mongodb Inc Cl A’s earnings rose 504% year-over-year as the firm reported an EPS loss of $0.23 per share in its year-ago quarter. The positive annual growth shows the Technology company is performing well amid recent economic conditions.

Consensus estimates for Mongodb Inc Cl A revenue averaged out to $393.4 million, with the business managing to beat those expectations with reported second-quarter revenue of $423.8 million. The $30.4 million (8%) positive revenue surprise led to 40% growth year-over-year as the firm reported revenue of $303.7 million in its year-ago quarter. The higher earnings growth compared to revenue points to Mongodb Inc Cl A improving its profit margin.

The stock is up 3.52% to $399.22 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Strong Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 57. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Founded in 2007, MongoDB is a document-oriented database with nearly 33,000 paying customers and well past 1.5 million free users. MongoDB provides both licenses as well as subscriptions as a service for its NoSQL database. MongoDB’s database is compatible with all major programming languages and is capable of being deployed for a variety of use cases.

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