Why MongoDB Stock Is Moving Higher

MongoDB, Inc. MDB shares are trading higher Friday after the company reported better-than-expected second-quarter financial results.

The Details:

MongoDB reported quarterly earnings of 93 cents per share, beating the consensus estimate of 46 cents and representing an increase of 504.35% year-over-year.

MongoDB also issued third-quarter earnings guidance of between 47 cents and 50 cents per share and revenue guidance of between $400 million and $404 million. 

The company issued fiscal year 2024 earnings guidance of $2.27 to $2.35 per share and fiscal year revenue guidance of $1.596 billion to $1.608 billion.

"MongoDB delivered excellent results in the second quarter, highlighted by 40% revenue growth, continued strength in new workload acquisition and record operating margin," said Dev Ittycheria, CEO of MongoDB.

"We are at the early stages of AI powering the next wave of application development. We believe MongoDB provides developers a unified platform that supports both the foundational requirements necessary for any application and the exceptionally demanding needs of AI-specific applications, making our competitive advantage even stronger in the world of AI."

MongoDB, Inc. MDB shares are trading higher Friday after the company reported better-than-expected second-quarter financial results.

MDB shares are moving higher on heavy trading volume. According to data from Benzinga Pro, more than 2.2 million shares have already been traded in the session, compared to the stock's 100-day average of 1.706 million shares.

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MDB Price Action: According to Benzinga Pro,

Image: Courtesy of MongoDB, Inc.