Here’s why MongoDB shares are 25% up on Friday
- MongoDB beats Wall Street estimates in its fiscal second quarter.
- CEO Dev Ittycheria discusses earnings on CNBC's "TechCheck".
- Shares of the U.S. based database platform are 25% up on Friday.
MongoDB Inc (NASDAQ: MDB) reported its financial results for the second quarter late on Thursday that beat Wall Street estimates. Shares of the company are about 25% up today on confidence that revenue will jump further in the current quarter.
CEO Ittycheria’s remarks on CNBC’s “TechCheck”
On CNBC’s “TechCheck” this morning, CEO Dev Ittycheria was confident that MongoDB will sustain strength in the post-COVID world.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
“We now have 29,000 customers, including some of the largest brands like Toyota, Verizon, and Morgan Stanley, as well as cutting edge startups like Data Robot and UiPath who are building their business on top of MongoDB,” he said.
According to CEO Ittycheria, the database platform is “investing for growth” in two key areas; product and sales force.
MongoDB lost 24 cents per share (adjusted) in the second quarter on $198.7 million in revenue. According to FactSet, experts had forecast a wider 39 cents of adjusted per-share loss on $184.3 million in revenue.
For Q3, MongoDB forecasts up to 42 cents of adjusted per-share loss and $202 million to $204 million of revenue. Its expectations for the full year now stand at up to $1.20 of adjusted per-share loss on $805 million to $811 million in revenue.
Other notable figures
Other notable figures include a 44% year over year increase in subscription revenue and services revenue that climbed by 27% in the recent quarter. The $32 billion company’s fully-managed cloud database, Atlas, was up 83% from last year and accounted for more than 50% of its total quarterly revenue.
In late June, MongoDB Atlas for Government received approval as FedRAMP Ready.