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Class A shares of MongoDB (NASDAQ:MDB) jumped more than 20% in extended trading on Thursday after the cloud software provider reported better-than-expected quarterly results and guidance.
MDB stock was up 23.6% to $363.25 after hours.
The company reported Q1 2024 adj. EPS of $0.56 which blew past expectations by 37 cents. Revenue rose 29% Y/Y to $368.28, beating estimates by $21.24M.
MDB’s performance was helped by 40% revenue growth in its managed database service Atlas, along with its highest net new customer additions in over two years.
Moreover, MDB CEO Dev Ittycheria expressed confidence that the company’s developer data platform was “well positioned” to benefit from advancements in artificial intelligence (AI).
“We believe the recent breakthroughs in AI represent the next frontier of software development. The move to embed AI in applications requires a broad and sophisticated set of capabilities while enabling developers to move even faster to create a competitive advantage,” Ittycheria said in a statement.
MDB also issued Q2 and FY 2024 guidance above expectations. The company sees Q2 revenue of $388M to $392M vs. consensus of $360.76M, and adj. EPS of $0.43 to $0.46 vs. consensus of $0.14.
For the full year, MDB expects to earn $1.42 to $1.56 per share (consensus $1.04) on revenue of $1.522B to $1.542B (consensus $1.51B).
