Why MongoDB Stock Is Rocketing Higher After The Close

MongoDB Inc MDB shares are trading higher after the close on Thursday on the heels of the company's better-than-expected financial results, which were paired with strong guidance.

What Happened: In the first quarter, MongoDB exceeded market expectations, reporting adjusted earnings of 56 cents per share, which came in ahead of the estimated figure of 19 cents per share. The company's strong financial performance was further highlighted by its revenue, which reached $368.28 million, beating the consensus estimate of $347.15 million, per Benzinga Pro.

Revenue was up 29% year-over-year. MongoDB ended the quarter with $1.9 billion in cash, equivalents, and short-term investments.

"MongoDB began fiscal 2024 with strong first quarter results, highlighted by 40% Atlas revenue growth and the most net new customer additions in over two years," said Dev Ittycheria, president and CEO of MongoDB.

"We believe the recent breakthroughs in AI represent the next frontier of software development ... We are confident MongoDB's developer data platform is well positioned to benefit from the next wave of AI applications in the years to come."

MongoDB anticipates revenue in the range of $388 million to $392 million for the second quarter versus estimates of $361.59 million. The company expects full-year 2024 revenue to range from $1.522 billion to $1.542 billion versus estimates of $1.51 billion.

In addition to revenue guidance, MongoDB also provided adjusted earnings estimates. For the second quarter, the company projects adjusted earnings of 43 cents to 46 cents per share versus estimates of 14 cents per share. Full-year earnings are expected to be between $1.42 and $1.56 per share versus estimates of $1.03 per share.

See Also: Broadcom Stock Is Moving Lower After Hours: What's Going On?

MDB Price Action: MongoDB shares were up 20.2% after hours at $353.33 at the time of publication, according to Benzinga Pro.

Photo: Web Summit from Flickr.