MongoDB posts stellar earnings and revenue beat as software rebound accelerates
Shares of the database company MongoDB Inc. shot up both before and after the close of the regular trading session today following a solid first-quarter financial report that saw it blow past analysts’ expectations.
The company also posted solid guidance, in what was taken as another sign that fears of artificial intelligence killing the software industry are probably exaggerated.
MongoDB reported adjusted earnings of $1.32 per share, up from just $1 per share in the year-ago quarter and well ahead of Wall Street’s target of $1.19 per share. Revenue for the period increased 25% from a year earlier to $687.6 million, surpassing the analysts’ consensus estimate of $664.5 million by a comfortable margin. The company managed to eke out small profit too, with net income rising from a loss of $37.6 million in the year-ago quarter to $4.4 million today.
In terms of guidance, MongoDB said it’s looking for second-quarter earnings of between $1.51 and $1.61 per share on sales of $729 million to $734 million. If it can reach that target, it would be another crushing beat, as analysts are modeling earnings of just $1.29 per share on sales of $701 million.
