MongoDB Lifts Outlook on Quarterly Sales Jump, New Customers

Dow Jones
08/27

MongoDB raised its full-year outlook again after second-quarter sales jumped ahead of expectations.

Shares rose 30% in premarket trading.

The document database company on Tuesday lifted its guidance for annual sales to a range of $2.34 billion to $2.36 billion, up from $2.25 billion to $2.29 billion. It also increased its view for adjusted earnings per share to $3.64 to $3.73, up from $2.94 to $3.12.

The increase comes after MongoDB already bumped its full-year view in June following its first quarter.

During the second quarter, which ended July 31, revenue rose 24% to $591.4 million. Analysts surveyed by FactSet forecast revenue of $553.9 million. Subscription revenue increased 23% and services revenue jumped 33%.

MongoDB has added more than 5,000 customers during the first half of the year, which was a record for that time period. Many of the newly added customers are building AI applications, Chief Executive Dev Ittycheria said.

MongoDB posted a second-quarter loss of $47 million, or 58 cents a share, compared with a loss of $54.5 million, or 74 cents a share, a year earlier.

Stripping out certain one-time items, adjusted earnings were $1 a share, ahead of the 67 cents anticipated by analysts, according to FactSet.

For the current third quarter, the New York company expects revenue to come in around $587 million to $592 million. Adjusted earnings are projected to be 76 cents a share to 79 cents a share.

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