Why MongoDB Stock Pulled Back Today
Shares of database software company MongoDB (NASDAQ: MDB) pulled back on Thursday after the company reported financial results for the fourth quarter of its fiscal 2023. It appears investors are more concerned with forward guidance than completed financial results, leading to an 8% drop for MongoDB stock today, as of 12:45 p.m. ET.
Last quarter, MongoDB's management said to expect Q4 revenue of $334 million to $337 million and to expect adjusted income from operations of $6 million to $8 million. In Q4, the company outperformed guidance on both counts. Its revenue was over $361 million, which was up 36% year over year. And its adjusted income from operations was $37.2 million, nearly triple what it was in the prior-year period.
Wall Street appears divided about MongoDB stock right now, with some raising price targets today while others were lowering price targets. On one hand, the company just beat expectations. On the other hand, management is guiding for significantly slower growth in its fiscal 2024.
Source Fool.com
