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MongoDB, Inc. MDB shares are trading higher after the company reported better-than-expected second-quarter financial results and issued third-quarter and full-year 2024 earnings per share and sales guidance above estimates.
What To Know: MongoDB reported quarterly earnings of 93 cents per share which beat the analyst consensus estimate of 46 cents, a 504.35% increase over losses of 23 cents per share from the same period last year.
The company reported quarterly sales of $423.80 million which beat the analyst consensus estimate of $393.35 million, a 39.56% increase over sales of $303.66 million in the same period last year.
As of July 31, MongoDB had $1.9 billion in cash, cash equivalents, short-term investments and restricted cash.
The company issued third-quarter earnings per share guidance in a range between 47 cents and 50 cents, versus the estimate of 27 cents. Revenue is anticipated to be between $400 million and $404 million, versus the $389.12 million estimate.
Full-year 2024 earnings per share are estimated between $2.27 and $2.35, versus the $1.55 estimate. Revenue is anticipated to be between $1.596 billion and $1.608 billion, versus tbe $1.55 billion estimate.
“MongoDB delivered excellent results in the second quarter, highlighted by 40% revenue growth, continued strength in new workload acquisition and record operating margin. The ongoing success of our new business efforts for Atlas and Enterprise Advanced across our sales channels is a testament to the value of MongoDB’s run-anywhere strategy which enables customers of any size to innovate faster and more efficiently,” said Dev Ittycheria, president and CEO of MongoDB.
“We are at the early stages of AI powering the next wave of application development,” he continued.
“We believe 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, making our competitive advantage even stronger in the world of AI.”
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MDB Price Action: Shares of MDB were up 5.95% at $404 in after-hours trading Thursday, according to Benzinga Pro.