MongoDB Climbs After Lifting Forecast for Third Time
By Dhirendra Tripathi
Investing.com – MongoDB stock (NASDAQ:MDB) soared more than 21% in Tuesday’s premarket trading as the company lifted its forecast for the third time this year after strong growth between August and October.
The database provider said it sees its current-year revenue around $848 million at the midpoint of its guidance range, about $40 million higher than its projections three months ago. The company’s first estimate, given in March, had guided for $755 million in annual revenue.
It also projected a much narrower adjusted loss from operations. It now sees that at $36.4 million on the higher side, after previously guiding for at least $62 million. Adjusted net loss in the third quarter more than halved from a year ago to $7.2 million.
The company said its customer count crossed 31,000 by the end of October, and that helped its subscription revenue jump 51% to $218 million.
Total revenue climbed 50% to $227 million, propelled by sales of MongoDB Atlas (NYSE:ATCO). Sales of the company’s flagship product jumped 84% amid competition from the likes of Oracle (NYSE:ORCL) and Microsoft (NASDAQ:MSFT).
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