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MongoDB Soars on Higher Guidance as Revenue Tops Estimates

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By Dhirendra Tripathi

Investing.com – MongoDB stock (NASDAQ:MDB) climbed 25% on Friday after the company raised its annual guidance again and second-quarter revenue topped estimates.

The database platform provider that counts Cloud giants Amazon.com Inc (NASDAQ:AMZN)'s AWS, Alphabet (NASDAQ:GOOGL) and Alibaba (NYSE:BABA) as its partners lost 24 cents per share in the second quarter ended April 30 but that was narrower than analysts estimated.

The company now sees its annual revenue around $808 million at the midpoint, around 5% higher than the guidance in June and nearly 37% more than the previous financial year.

Revenue in the second quarter rose 44%, to $199 million. MongoDB Atlas (NYSE:ATCO) revenue grew 83%.

Developers use the open-source MongoDB database to make apps. Atlas is a version of the same that can be run in the cloud. The company has pushed Atlas as a subscription-based model over the last five years, with the result it formed 56% of the company’s second-quarter revenue.

The company added more than 2,000 customers during the May to July period and closed the quarter with over 29,000.

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