MongoDB reported third quarter earnings after the bell that beat analyst estimates.
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MongoDB
shares rose 15% in after-hours trading on Monday after the company announced third-quarter earnings that topped Wall Street estimates and issued a strong forecast.
The database software maker reported a revenue of $628 million, which was up 19% year over year, blowing past the $592 million expected by LSEG analysts.
The company’s adjusted earnings per share of $1.32 also beat Wall Street’s projections of 80 cents per share.
The company said it added more than 5,000 customers year to date, "the highest ever in the first half of the year."
MongoDB said its Atlas platform grew 30% from a year ago as it benefits from AI tailwinds
Datadog's results fueled shares of other cloud infrastructure names like Snowflake and MongoDB.
Oracle's outlook was better than expected, leading many analysts to lift their price targets on the stock.
Oracle reported better-than-expected results for the latest quarter on Wednesday.
MongoDB, Pure Storage and Snowflake all touted artificial intelligence in earnings reports this week.
