MongoDB stock jumps 20% on Q1 beat & strong outlook By Investing.com

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MongoDB stock jumps 20% on Q1 beat & strong outlook

Published Jun 01, 2023 17:26

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MongoDB stock jumps 20% on Q1 beat & strong outlook

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MongoDB (NASDAQ:MDB) shares surged more than 20% after-hours following the company’s reported Q1 results, with EPS of $0.56 coming in better than the consensus estimate of $0.18.

Revenue grew 29% year-over-year to $368.3 million, beating the consensus estimate of $347.67M. Subscription revenue was $354.7M, representing an increase of 29% year-over-year, and services revenue was $13.6M (up 25% year-over-year).

"MongoDB began fiscal 2024 with strong first quarter results, highlighted by 40% Atlas revenue growth and the most net new customer additions in over two years," said CEO Dev Ittycheria, adding that they are confident the company's developer data platform is well positioned to benefit from the next wave of AI applications in the years to come.

For Q2/24 the company expects EPS in the range of $0.43-$0.46, compared to the consensus of $0.14, and revenue of $388-$392M, compared to the consensus of $361.59M.

For the full year, the company sees EPS at $1.42-$1.56, compared to the consensus of $1.03, and revenue at $1.522-$1.524 billion, compared to the consensus of $1.51B.

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