MongoDB’s stock gains 8% after earnings top expectations, AI in focus

Shares of MongoDB Inc. MDB, +1.54% rallied more than 8% in the extended session Thursday after the software company reported fiscal 2024 second-quarter earnings well above forecasts and said it has an “even stronger” competitive advantage “in the world of AI.” MongoDB lost $37.6 million, or 53 cents a share, in the quarter, compared with a net loss of $118.9 million, or $1.74 a share, in the year-ago period. Adjusted for one-time items, MongoDB earned 93 cents a share. Revenue rose 40% to $423.

Analysts polled by FactSet expected adjusted earnings of 46 cents a share on sales of $394 million. “We are at the early stages of AI powering the next wave of application development,” Chief Executive Dev Ittycheria said in a statement. MongoDB “provides developers a unified platform that supports both the foundational requirements necessary for any application and the exceptionally demanding needs of AI-specific applications,” he said. The company guided for full-year revenue of $1.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

HP Inc. Earnings Disappoint. The Stock Drops.Fundamentals are improving more slowly than the company had hoped, prompting management to lower its outlook for the October 2023 fiscal year.
Source: MarketWatch - 🏆 3. / 97 Read more »

HP Inc. Earnings Disappoint. The Stock Drops.Fundamentals are improving more slowly than the company had hoped, prompting management to lower its outlook for the October 2023 fiscal year.
Source: MarketWatch - 🏆 3. / 97 Read more »

Alphabet Inc. Cl A stock rises Wednesday, outperforms marketShares of Alphabet Inc. Cl A inched 0.97% higher to $135.88 Wednesday, on what proved to be an all-around great trading session for the stock market, with...
Source: MarketWatch - 🏆 3. / 97 Read more »