MongoDB close up 13% after company boosts guidance, cites confidence in cloud-based database service
MongoDB shares surged nearly 13% after the company beat earnings expectations and raised its annual forecast, reflecting strong confidence in its cloud-based services.. The company reported $549 million in revenue for the fiscal first quarter, up 22% year-over-year and exceeding analyst expectations of $528 million.. Adjusted earnings per share hit $1.00, far above the estimated 66 cents, driven by strong performance in the Atlas cloud database platform, which now makes up 72% of total revenue.. MongoDB raised its full-year outlook to between $2.25 billion and $2.29 billion in revenue, with adjusted earnings per share now expected between $2.94 and $3.12.. The company expanded its share repurchase program by $800 million, bringing the total buyback authorization to $1 billion..
