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MongoDB
stock was soaring Friday after the cloud-based database software provider delivered a stellar quarter and raised its financial outlook, bucking the larger trend of cautious outlook offered by other enterprise software companies.
After markets closed on Thursday, MongoDB (ticker: MDB) said adjusted earnings per share for the first quarter ended April were 56 cents, surpassing analyst consensus for 18 cents, according to FactSet. Revenue of $368 million was also ahead of the $348 million estimated.
MongoDB
said that based on the present conditions it expects to generate adjusted earnings in the range of $1.42 to $1.56 per share for the full fiscal year 2024. That’s higher than management’s prior guidance of 96 cents to $1.10 per share in March.
The shares were up 28% to $376.70 in premarket trading Friday morning.
MongoDB’s report comes at a time when cloud companies have reported a slowdown in customer activity.
PagerDuty
(PD) on Thursday said macroeconomic concerns are leading to buyer hesitation while
Salesforce
CFO Amy Weaver said in an interview with Barron’s this week that the company’s conservative approach to its guidance is primarily due to difficult macro conditions.
Write to Karishma Vanjani at [email protected]
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