MongoDB Stock Price Is Rocketing Higher After Hours: What's Going On?

MongoDB Inc MDB shares are soaring in Tuesday's after-hours session after the company reported strong third-quarter results and issued guidance above analyst estimates.

MongoDB said third-quarter revenue was up 47% year-over-year to $333.6 million, which beat average analyst estimates of $303.39 million, according to Benzinga Pro. The company said subscription revenues were up 47% year-over-year, while services revenue jumped 43%.

MongoDB reported quarterly adjusted earnings of 23 cents per share, up from 3 cents per share year-over-year.

"MongoDB's third quarter results were highlighted by 61% Atlas revenue growth and $20 million of non-GAAP operating income. The strength in our business was driven by improved Atlas consumption trends and continued strength in new business activity," said Dev Ittycheria, president and CEO of MongoDB.

MongoDB expects fourth-quarter revenue to be between $334 million and $337 million versus estimates of $314.74 million. The company sees fourth-quarter adjusted earnings between 6 cents and 8 cents per share versus estimates for a loss of 13 cents per share.

MongoDB expects full-year revenue to be between $1.257 billion and $1.26 billion versus estimates of $1.21 billion. Full-year adjusted earnings are expected to be between 29 cents and 31 cents per share versus estimates for a loss of 31 cents per share.

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MDB Price Action: MongoDB shares are up 24.40% in after hours at $180.37, according to Benzinga Pro.

Photo: Web Summit from Flickr.