Analysts were surprised by the results of MongoDB.
Wall Street predicted that the company would add more customers.
The database software maker's shares rose by as much as 22 percent in extended trading Thursday, after it issued
First-quarter fiscal earnings blow out the first quarter
The company has now lifted its full-year forecast.
According to Refinitiv, analysts expected 19 cents a share.
According to Refinitiv, $368 million was a lot more than the $347 million analysts expected.
According to A, MongoDB’s revenue grew 29% over the previous year during the quarter ending on April 30.
The company's net loss was $54 million or 77 cents a share. This compares to $77 million or $1.14 a share in the previous quarter.
The company gained 2,300 new customers during the quarter. This brought the total to 43,100. This was higher than the StreetAccount consensus estimate of 42,430.
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Dev Ittycheria, CEO of MongoDB said that the company has reduced the number underlying servers to 12 from 50. This will result in an 80% increase in performance.
Ittycheria stated that innovation remains a top priority within organizations. He also stated that "it is clear customers continue scrutinizing their technology investments, and must decide which are must-haves versus just nice to have."
MongoDB's partnership with Alibaba was extended through 2027 during the third quarter. MongoDB stated that the arrangement "has led to an 8x increase in consumption" since it was launched in 2019.
Management provided guidance for earnings per share of between 43 cents and 46 cents on revenues ranging from $388 to $392 millions. Refinitiv surveyed analysts who were expecting 14 cents per share in adjusted earnings and $362 million of revenue.
MongoDB has raised its forecasts for revenue and income in fiscal 2024. The guidance is for adjusted earnings per share of $1.42 to 1.05. This would indicate a 19.5% increase in revenue. MongoDB said in March that it expected adjusted earnings per share for the full year to range from 96 cents up to $1.10, with revenue between $1.48 billion and $1.51 billion. Analysts were expecting adjusted earnings per share of $1.03 and revenue of $1.51 billion.
MongoDB's stock had risen 49% this year before the after-hours action, while the S&P 500 Index has gained about 10%.
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