MongoDB (MDB) shares surge after topping analyst expectations

December 6, 2022 4:21 PM EST

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MongoDB (NASDAQ: MDB) shares rocketed Tuesday in extended trading after the company reported third-quarter earnings exceeding analyst consensus expectations.

The software firm's share price is currently up more than 21% after closing the regular session down 2.7%.

It reported earnings of $0.23 per share, $0.40 above the analyst estimate of ($0.17), while revenue for the quarter came in at $333.6 million versus the consensus estimate of $305.09 million.

The company said the strength in its business was driven by improved Atlas consumption trends and continued strength in new business activity.

"MongoDB's third quarter results were highlighted by 61% Atlas revenue growth and $20 million of non-GAAP operating income," said Dev Ittycheria, President and Chief Executive Officer of MongoDB.

"Our performance reinforces the strategic importance of MongoDB's developer data platform in enabling our customers to use software and data to transform their businesses."

The company's guidance also topped expectations, with fourth-quarter adjusted earnings per share seen from $0.06 to $0.08 and revenue expected to be between $334 million and $337 million versus the consensus of $314.74 million.

Fill-year fiscal 2023 adjusted earnings per share are expected to be $0.29 to $0.31 versus the consensus of a loss per share of ($0.31), while revenue for the period is seen between $1.257 billion and $1.260 billion.

By Sam Boughedda

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