Earnings Results: MongoDB stock rallies after results, outlook beat Street view
MongoDB Inc. shares rallied in the extended session Tuesday after the database company’s results and outlook topped Wall Street expectations.
shares surged 8% after hours, following a 0.6% rise in the regular session to close at $281.74. Over the past 12 months, MongoDB shares have slipped 1.9%, while the tech-heavy Nasdaq Composite Index
has ticked 1.5% higher, and the S&P 500 index
has grown 9.1%.
The company reported a fourth-quarter loss of $84.4 million, or $1.26 a share, compared with a loss of $75.8 million, or $1.25 a share, in the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and other items, was 9 cents a share, compared with a loss of 33 cents a share in the year-ago period.
Analysts surveyed by FactSet had forecast a loss of 22 cents a share, based on MongoDB’s outlook of a loss of 24 cents to 21 cents a share.
Revenue rose to $266.5 million from $171 million in the year-ago quarter driven by growth in the company’s Atlas cloud-native document database service. Analysts expected revenue of $243.4 million, based on the company’s forecast of $239 million to $242 million.
“MongoDB delivered exceptional fourth quarter results, highlighted by delivering 85% Atlas revenue growth and surpassing $1 billion in annualized revenue,” said Dev Ittycheria, MongoDB chief executive, in a statement.
MongoDB forecast an adjusted loss of 12 cents to 8 cents a share on revenue of $263 million to $267 million for the first quarter, and a loss of 51 cents to 29 cents a share on revenue of $1.15 billion to $1.18 billion for the year.
Analysts had estimated a loss of 17 cents a share on revenue of $253.6 million for the first quarter, and a loss of 53 cents a share on revenue of $1.15 billion for the year.