- MongoDB" Earnings and Sales Surpassed Analysts" forecast.
- CEO Dev Ittycheria said the company is well positioned to benefit from the AI boom.
- MongoDB has raised its earnings outlook from #39;business and EPS for the full year.
Shares of MongoDB (MDB) soared on Friday after the enterprise software provider posted strong quarterly results, improved its outlook and said it was “well positioned” to take advantage of the growing demand for artificial intelligence (AI) products.
MongoDB posted a profit of $0.56 in the first quarter of fiscal 2024 per share, more than three times analysts' estimates. Revenue jumped 34.1% to $368 million, also beating forecasts.
CEO Dev Ittycheria noted that sales of the company's Atlas database jumped 40% and had the highest number of net customer additions in two years. He added that “recent breakthroughs in AI represent the next frontier in software development,” and that MongoDB's developer data platform should “benefit from the next wave of software applications.” #39;AI in the years to come”.
The company now anticipates annual profit per share (EPS) from $1.42 to $1.56, well above its earlier estimate of $0.96 to $1.10. It forecast revenue in the range of $1.52 billion to $1.54 billion, up from its previous forecast of $1.48 billion to $1.51 billion.
MongoDB stocks surged up 28% on Thursday morning and were trading at their highest level in nine months at 11:30 a.m. ET.
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