Why MongoDB Stock Popped Today
Shares of MongoDB (NASDAQ: MDB) climbed as much as 8.6% early Friday, then settled to trade up 5% as of 1:40 p.m. ET Friday after the NoSQL database platform company announced strong fiscal 2024 second-quarter results Thursday.
MongoDB's quarterly revenue grew 40% year over year, to $423.8 million, translating to non-GAAP (adjusted) net income of $76.7 million, or $0.93 per share. Analysts, on average, were only expecting adjusted earnings of $0.45 per share on revenue of $390.9 million.
Subscription revenue climbed 40% year over year to $409.3 million, continuing to comprise the bulk of MongoDB's top line. Sales of MongoDB's Atlas fully managed cloud database platform also continued to soar, growing 38% year over year to comprise 63% of total revenue. Services revenue rose 20% to $14.5 million.
Source Fool.com
MongoDB Inc. Stock
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