Dev Ittycheria, CEO of MongoDB.
Adam Jeffery | CNBC
MongoDB stocks increased by 15% after the company exceeded expectations for first-quarter earnings and raised its revenue forecast, driven by confidence in its cloud database service.
During this timeframe, revenues reached $549 million, marking a 22% increase from over $450 million in the previous year. This figure surpassed the $528 million forecast from analysts consulted by LSEG. Adjusted earnings per share also stood at $1.00, exceeding the 66 cents per share anticipated by analysts.
CEO Dev Ittycheria stated, “We are confident in our ability to achieve profitable growth as we benefit from the upcoming wave of application development,” in a press release.
For the fiscal year 2026, MongoDB has updated its revenue guidance, now expecting between $2.25 billion and $2.29 billion, alongside adjusted earnings per share ranging from $2.94 to $3.12. Previously, the forecast was between $2.24 billion and $2.28 billion in revenue and adjusted earnings of $2.44 to $2.62 per share.
MongoDB anticipates revenue to fall between $548 million and $553 million for the current fiscal quarter, with adjusted earnings projected to be between 62 cents and 66 cents per share during this period.
During an earnings call, CFO Mike Berry highlighted “continued confidence” in its Atlas cloud database services and mentioned “timing differences” in its Enterprise Advanced database business as reasons for the updated guidance, following his appointment at the end of May.
According to MongoDB, Atlas revenues for the quarter grew by 26% compared to the previous year and constituted 72% of total revenues.
Goldman Sachs analyst Kash Rangan noted in a client report that, “As digital transformation and public cloud adoption continue to be priorities, we believe MongoDB is strategically positioned to benefit from growth in new workloads and the migration of legacy applications.”
The company’s net loss has decreased to $37.6 million, or 46 cents per share, compared to a net loss of $80.6 million, or $1.10 per share last year.
Additionally, the company has increased its share buyback initiative by $800 million, bringing the total to $1 billion.
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