MongoDB reported third-quarter earnings early Wednesday that crushed analyst estimates, with an outlook that also beat views. MDB stock soared.
The database software company reported adjusted earnings of 23 cents a share, smashing estimates for a 17-cent loss. Revenue of $333.6 million blew past estimates of $303.4 million. Revenue jumped 47% from the year-ago period. Subscription revenue of $320.8 million also jumped 47% and beat expectations of $315.3 million.
MDB stock vaulted 23.2%. closing at 178.30 on the stock market today.
MongoDB also raised its full-year outlook. It now expects revenue of about $1.26 billion, up from $1.2 billion and above estimates of $1.25 billion. It sees adjusted income in the range of 29 cents to 39 cents. Analyst expected 23 cents.
MDB Stock: Positioned To Benefit From Trends
MongoDB provides an open-source database platform for businesses, with a subscription-based software-as-a-service business model.
"MongoDB is well positioned to benefit from secular trends around next-gen databases, the cloud, and digital transformation," Moness Crespi Hardt analyst Brian White said in a note to clients.
MDB stock is down 67% this year.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
