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MongoDB smashes earnings forecast and outlook as new AI-powered features take off

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Posted on mongodb google news. Visit mongodb google news

MongoDB Inc. surprised investors and analysts today by smashing quarterly earnings and revenue forecasts as well as providing a better outlook for its current quarter.

For its second quarter ended July 31, MongoDB reported adjusted earnings per share of 93 cents, up from a loss of 23 cents per share in the same quarter of last year, on revenue of $423.8 million, up 40% year-over-year. Analysts were expecting a far more modest 46 cents per share on revenue of $393.68 million.

Subscription revenue in the quarter jumped 40% from a year ago, to $409.3 million, and service revenue rose 20%, to $14.5 million. MongoDB did report a net loss of $37.6 million, but like most of its figures, it was a vast improvement, up from a net loss of $118.9 million the year prior. It had $1.9 billion in cash and cash equivalent on hand as of the end of the month.

Recent business highlights include MongoDB continuing to build out its artificial intelligence ecosystem, including a partnership with Google Cloud that is intended to accelerate the use of generative AI to build new types of applications. The company also added new products and features to MongoDB Atlas, including new generative AI capabilities for MongoDB’s Vector Search feature, Search Nodes for dedicated resources with search workloads at scale and Stream Processing from processing high-velocity data streams. Chief Executive Dev Ittycheria noted the “ongoing success of our new business efforts for Atlas and Enterprise Advanced across our sales channels.”

“We are at the early stages of AI powering the next wave of application development,” he added in prepared remarks in the company’s earnings release. “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.”

MongoDB’s outlook followed the trend of quarterly earnings and revenue and smashed expectations, repeating the success of the previous quarter. For its fiscal third quarter, MongoDB expects adjusted earnings of 47 to 50 cents per share on revenue of $400 million to $404 million. Analysts were expecting 27 cents and $389.12 million. For its full fiscal year, the company expects $2.27 to $2.35 a share in earnings on $1.596 billion to $1.608 billion, versus analysts who were expecting $1.55 and $1.55 billion.

Despite the stellar numbers, MongoDB shares rose only just shy of 5% in late trading.

Mindy Lieberman, chief information officer of MongoDB, and Tara Hernandez, vice president of developer productivity at MongoDB, spoke with theCUBE, SiliconANGLE Media Inc.’s livestreaming studio, in June on the company’s journey to AI integration:

Photo: MongoDB

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Article originally posted on mongodb google news. Visit mongodb google news

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