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Key takeaways
- Database software maker MongoDB beat estimates with its third-quarter results and issued guidance that beat expectations.
- The performance, driven in part by customer expansion and early traction for AI workloads, sent the company’s shares higher on Tuesday.
Database software maker MongoDB (MDB) stock rose after the company reported stronger-than-expected quarterly results and a strong outlook.
Shares of MongoDB rose nearly 25% on Tuesday, a day after the company reported adjusted earnings of $1.32 per share on revenue that increased 19% year over year to $628.3 million. Analysts surveyed by Visible Alpha were expecting $0.82 and $594.3 million, respectively.
Why is this important?
MongoDB’s strong quarterly performance comes just weeks after CJ Desai took over as CEO. Investors responded quickly, sending stocks rising sharply and heading toward all-time highs last year.
For the current quarter, the New York-based company expects adjusted EPS of $1.44 to $1.48 on revenue of $665 million to $670 million, both well above consensus estimates. MongoDB also raised its full-year revenue guidance to $2.434 billion to $2.439 billion, compared to its previous guidance of $2.34 billion to $2.36 billion.
“Q3 was an exceptional quarter,” said CEO CJ Desai. “Existing customers are expanding with us and new customer additions continue to demonstrate the strength. Companies across industries and geographies choose MongoDB because we provide a unified data platform that powers today’s mission-critical workloads and also positions them to benefit from the emerging AI platform shift.”
The third-quarter results come shortly after Desai took over as CEO on November 10. He held positions at Cloudflare (NET), ServiceNow (NOW), and Oracle (ORCL) before joining MongoDB. Desai replaces Dev Ittycheria, who retired after leading the company for 11 years.
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