Why MongoDB Shares Are Surging Today

MongoDB Inc MDB is trading significantly higher Tuesday morning after the company announced better-than-expected fiscal third-quarter 2022 financial results and issued guidance above estimates.

MongoDB reported a quarterly adjusted earnings loss of 11 cents per share, which beat the estimate for a loss of 38 cents per share. The company reported quarterly revenue of $226.9 million, which beat the estimate of $205.16 million.

MongoDB expects a fiscal fourth-quarter 2022 earnings loss between 24 cents and 21 cents versus the estimate for a loss of 34 cents. The company expects revenue to be in a range of $239 million to $242 million versus the estimate of $227.74 million.

"MongoDB delivered another fantastic quarter, highlighted by 84% Atlas revenue growth and increasing our customer count to over 31,000. Our continued success reflects the adoption of our application data platform by customers who need to innovate faster to compete in today's marketplace," said Dev Ittycheria, president and CEO of MongoDB.

Related Link: Recap: MongoDB Q3 Earnings

MongoDB is a document-oriented database providing both licenses and subscriptions as a service.

MDB Price Action: MongoDB has traded as high as $590 and as low as $238.01 over a 52-week period.

The stock was up 21.20% at $520.40 Tuesday morning.

Photo: Garrett Heath from Flickr.