important point
- MongoDB’s profit and revenue exceeded analyst expectations.
- CEO Dev Ittycheria said the company is well-positioned to profit from the AI boom.
- MongoDB raises full-year EPS and earnings guidance.
MongoDB (MDB) shares boosted outlook Friday after the enterprise software provider reported strong quarterly earnings and said it was “well-positioned” to capitalize on surging demand for its artificial intelligence (AI) products. soared in response to
MongoDB posted earnings of $0.56 per share in the first quarter of 2024, more than tripled analyst expectations. Sales rose 34.1% to $368 million, also beating expectations.
CEO Dev Ittycheria said the company’s Atlas database sales grew 40%, the most net customer growth in two years. “Recent advances in AI represent the next frontier in software development,” he said, adding that MongoDB’s developer data platform will “benefit from the next wave of AI applications in the coming years.” added.
The company now expects full-year earnings per share (EPS) of $1.42 to $1.56, well above its previous forecast of $0.96 to $1.10. Revenue is expected to be in the range of $1.52 billion to $1.54 billion, an upward revision from the previous forecast of $1.48 billion to $1.51 billion.
Shares of MongoDB soared 28% on Thursday morning, hitting a nine-month high at 11:30 a.m. ET.
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