MongoDB stock plummets late Thursday, even though the database software company reported better-than-expected quarterly profits and sales. The company’s outlook for the current quarter was below consensus.
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Mongo DB (MDB) announced January quarter sales of $458 million and adjusted earnings of 86 cents per share.Analysts on average had expected the New York-based company to report adjusted earnings of 46 cents. Revenue per share was $437 million, according to FactSet.
Earnings per share increased 51% year over year, and sales increased 27%. This quarter marks the end of MongoDB’s 2024 fiscal year.
MongoDB’s revenue for the current quarter is expected to be $438 million, based on the midpoint of its range.The analyst predicted that MongoDB’s total value would be $452 million. Sales rose in the quarter that ended in April, according to FactSet. MongoDB expected full-year sales of $1.9 billion to $1.93 billion, ending in January 2025. Analysts had expected $2.04 billion, according to FactSet.
Additionally, the company said it expects adjusted earnings per share of 34 cents and 39 cents for the quarter ending April, compared with the forecast of 62 cents per share.
On the stock market today, MongoDB stock fell more than 11% to 363 in recent after-hours trading.
MongoDB AI Push
“Healthy new workloads are winning as MongoDB’s developer data platform becomes the standard for modern application development,” Chief Development Officer Itticheria said in a news release. He said he was watching.
MongoDB’s main platform, Atlas, is the leading provider of what are known as NoSQL (non-relational) databases. Subscription-based Atlas revenue increased 34% in the quarter, and MongoDB’s overall subscription revenue for the January period increased 28% to $445 million.
The company also announced that it reached more than 47,800 customers in the January quarter, an increase of 17% year over year. Meanwhile, MongoDB said 2,052 of its customers pay more than $100,000 annually, a 24% increase from a year ago.
MongoDB narrowed its net loss to $55.5 million in the quarter from $64 million in the year-ago period. On a non-GAAP basis, his MongoDB net income for the three months ended January was $71.1 million.
MongoDB Stock: Technical Rating
MongoDB stock was up less than 1% in Thursday trading before the earnings release.The stock is up 7% so far this year and is up more than 80%. For the past 12 months.
MongoDB stock soared last year after announcing new products focused on generative artificial intelligence. The company’s advanced database software has made it popular among analysts for AI-related growth.
MongoDB in the report The stock had a perfect IBD Composite Rating of 99, according to . IBD inventory diagnosis. This score combines five separate unique ratings into one rating for her. The best growth stocks have an overall rating of 90 or higher.
However, MongoDB’s IBD relative strength rating was 84 out of 99. Relative strength measures a stock’s performance against the broader market. MongoDB’s RS Score has declined since February, when the stock began to retreat from its 52-week high of 509.62, according to IBD MarketSurge.
MongoDB stock is on the IBD Tech Leaders list.
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