Dev Ittycheria, CEO of MongoDB.
Scott Mullin | CNBC
MongoDB Shares of the database software maker rose 16% in after-hours trading Thursday after the company reported solid second-quarter profit and raised its full-year guidance.
Here’s how the company went against the London Stock Exchange’s consensus:
- Earnings per share: Adjusted 70 cents, expected 49 cents
- income: $478.1 million vs. $464.1 million
MongoDB’s revenue increased 13% annually in the quarter ended July 31, according to MongoDB data statement. Net loss for the quarter was $54.5 million, or 74 cents per share, compared with a net loss of $37.6 million, or 53 cents per share, a year earlier.
“We believe we are well-positioned to help customers integrate generative artificial intelligence into their businesses and modernize their legacy application assets,” CEO Dev Ittycheria said in a statement.
He said on a conference call with analysts that consumption of the company’s Atlas cloud database service was slightly better than expected.
Ittycheria said that in the fiscal first quarter, Atlas consumption growth slowed as customers observed more challenging economic conditions, while usage in the fiscal second quarter showed no change in the climate.
“We generally don’t see the macro environment impacting our ability to win new business, and that was no different in the second quarter,” Ittycheria said. “We realize this is different than what you hear from some other software vendors.”
Thursday Ash Kulkarni, CEO of search software maker elastic bandrepresenting the volume of customer commitments it has completed in its reporting first fiscal quarter Lower than expected. The stock fell 23% after hours.
In terms of guidance, MongoDB expects third-quarter adjusted earnings per share of 65 to 68 cents on revenue of $493 million to $497 million. Analysts surveyed by LSEG had expected adjusted earnings of 60 cents per share on revenue of $478.8 million.
Management raised its forecast for fiscal 2025. MongoDB currently expects adjusted earnings per share of $2.33 to $2.47 on revenue of $1.92 billion to $1.93 billion. That’s above guidance for May adjusted earnings per share of $2.15 to $2.30 and revenue guidance of $1.88 billion to $1.9 billion. Analysts had forecast adjusted earnings of $2.26 per share on revenue of $1.9 billion.
Excluding after-hours movements, MongoDB shares are down nearly 40% from the same period last year, while the S&P 500 index rose 17% during the same period.
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